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DUBAI Aug 26 Iran's Oil Minister Bijan Zanganeh
said on Tuesday that current oil prices are appropriate and the
recent decline would be brief.
"The decline in crude prices is due to seasonal fluctuations
and will not last," the Iranian oil ministry news service Shana
quoted Zanganeh as saying on the sidelines of an international
energy forum in Tehran.
Brent crude edged up towards $103 a barrel on Tuesday,
although persistent supply pressure and weak economic data in
major consumer countries curbed gains.
Brent hit a 14-month low of $101.07 a barrel on Aug. 19 as
investor concerns over conflict in Ukraine and Iraq eased and
Libyan output rose. The fall has brought prices below the level
some in OPEC need for their budget requirements.
He also said: "The current prices in the world markets are
appropriate," adding that events in neighbouring OPEC member
Iraq will not "significantly" affect the oil market. Iraq is
fighting an Islamist insurgency.
"These events and the presence of ISIS (Islamic State of
Iraq and Syria) in this country will not significantly affect
the international oil market," Zanganeh said. ISIS is now called
Islamic State fighters have made gains in northern Iraq in
recent weeks, seizing towns and oilfields.
Following air strikes in Iraq, the United States is
preparing military options to put pressure on Islamic State in
(Reporting by Rania El Gamal; editing by Keiron Henderson)