BREAKING NEWS

Oil minister says Iran needs foreign investment, but can survive without it

By REUTERS

MAY 10, 2018 22:03

ANKARA - Iran's oil minister told state television on Thursday that foreign investment was needed to develop its oil industry, but that it could survive if foreigners decided to stay away after the US decision to pull out of a multinational nuclear deal.

"If foreigners invest in Iran, it will accelerate the development of our oil sector but, if not, we will not die," said Bijan Zanganeh. "I personally prefer a stable crude price of $65 per barrel."

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