Oil prices will likely fall to $90 a barrel by the end of the winter, Iran’s head of oil sales Mohsen Ghamsari said Tuesday, countering views by other producers that expect prices to rebound.
The remarks come after members of the Organization of the Petroleum Exporting Countries said in recent days they expect oil prices to rebound after it fell below $100 a barrel earlier this month.
But in remarks carried by Iran’s oil ministry website Shana, Mohsen Ghamsari, the director at the National Iranian Oil Company in charge of international oil sales, said that “if the oil market only looks at supply and demand, the oil price will further decline in the global market.”
Though it has fallen in recent weeks, the Brent oil contract—the most widely traded in the world—has remained above $95 a barrel. But Mr. Ghamsari said “the oil price will likely fall to $90 a barrel by the end of this year,” referring to the Iranian year that ends in late March.
Saudi Oil Minister Ali al-Naimi, along with OPEC’s Secretary-General Abdalla Salem el-Badri, both said they expect the oil price to rebound.