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The Islamic Republic of Iran News Agency (IRNA) quoted Iran's oil minister, Sant'Angani, as saying oversupply was the main reason for the drop in crude oil prices, although political factors also had an impact.
oversupply in the market has been the main reason for the fall in oil prices in recent months," IRNA said he told state television.
"political factors have undoubtedly had an impact on the continued state of the situation, but the extent of the impact is uncertain," he said.
said there was an oversupply of 2m bpd and that "this is expected to continue in the first six months of 2015," IRNA said.brent crude futures rose on Friday, but are still down 50 percent from their June levels as global inventories rise and supplies from the Organization of the Petroleum Exporting Countries stabilize.
