High oil prices won’t benefit producers in long-run: Iran’s Zanganeh

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Iran’s Oil Minister Bijan Namdar Zanganeh says rising international oil prices won’t benefit producers in the long-run as he warns against impacts of the prices on the oil production economy. “You know that higher oil prices will make everyone happy in the short-term but in the long-run it won’t be gratifying,” said Zanganeh on Sunday following a virtual ministerial meeting of an alliance of international oil producers known as OPEC+.

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