Political Developments in Iran, Saudi Arabia Affect Oil Market
Posted on: Thursday, 4 August 2005, 18:00 CDT
According to "Tehran Times", the political developments in Saudi Arabia and Iran, the first and second ranking oil producer countries in OPEC, affect global oil markets. Head of OPEC department at Ministry of Oil said that some factors in oil market are not infrastructural and have transitory influences only, including recent death of Saudi King Fahd
. Javad Yarjani stated that new political developments in Iran including a change in president will affect the market. Yarjani said expected increase in gasoline demand as well as concerns about fuel for cold season are among other factors that will influence the market.Source: Info-Prod Research (Middle East)
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