Iran says low oil prices will not last long

January 28, 2016 12:17 PM

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Iran says low oil prices will not last long

PARIS Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance.

"The price of oil is at a low level ... I don't think it will last in the long term ... The pressure on oil-producing nations means balance will be restored in the short term," Rouhani, whose country is the third-largest producer in OPEC, said at the French Institute of International Relations.

Also read: Saudis say to take 'big hit' on oil output for OPEC deal, Iran can freeze

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