Oil prices can hardly bounce back to $100 per barrel; Iranian minister

He said that the oil producing countries need to increase the prices as much as the market allows.

" We are negotiating with other OPEC members, " the Iranian minister said.

The falling trend of oil prices in the global markets has raised some concerns among oil - producing countries.

Iran has reportedly negotiated with at least five members of the Organization of the Petroleum Exporting Countries(OPEC) to reach an agreement on the global management of oil prices, ahead of the organization’s upcoming meeting.

Iran has decided to sell its crude oil to Asia in November at the biggest discount in almost six years.

The decision was made after Saudi Arabia cut prices for all grades and to all regions for November. Qatar and Iraq decreased their prices.

Iran is expected to face a budget deficit in the current Iranian calendar year(to end March ۲۰,۲۰۱۵), due to the sharp fall in oil prices.

Iran’s current year budget envisages the price of $۱۰۰ per barrel of oil. This is while each Iranian oil barrel is currently sold at around $۸۰.

Iranian President Hassan Rouhani has also predicted that Iran’s total oil revenues will be ۳۰ percent less than expected.

Masoud Mir Kazemi, the head of energy commission in Iran’s parliament and former oil minister told Mehr on Oct. ۱۷ that according to the Oil Ministry’s figures, Iran exported ۰.۱ mbpd less that the figure considered in the budget law, which will lead to budget deficit.

Iran’s media said on Oct. ۱۷ that the country’s President Hassan Rouhani ordered the Oil Ministry to take measures to prevent falling of oil prices by using diplomatic leverages.