Iran concerned oil prices face sudden fall, complains about U.S. sanctions
Saturday May 1, 2004 6:33 am ET
TEHRAN, May 1, 2004 (Summary of Reuters Article) - Iranian Oil Minister Bijan Zanganeh said high oil prices could suddenly plummet because of currently high reserves filled by more than three million barrels per day of oversupply. "I am concerned the oil price could fall suddenly," he said. "Reserves are becoming full," he added. Zanganeh also said U.S. companies have a strong interest in investing in Iran's oil wealth and complained about U.S. sanctions against the country. "When there is no competition we are harmed as well," he said. Major U.S. companies like Halliburton and General Electric do business in Iran through their European subsidiaries.