TEHRAN, Jan.3 (ISNA)-Iran's National Oil Company international affairs director, Hojjatollah Ghanimifard discussed the involving factors in oil prices fluctuations in the recent months.

"The rise in OPEC's crude oil supply, escalating abundance of oil resources and products, compensating goods for natural gas and the drop of dollar price value are among the main reasons of these fluctuations," he explained.

He also commented that oil markets that decreased their exports based on OPEC's decision in the first months, experienced more intense impacts on their prices.

"When the price value of dollars decreases in comparison to other currencies, then the price of crude oil, oil and gas productions increase on the other hand. Therefore, the price value of dollars has decreased in ratio with Euro, Yen, Pounds and Swiss Frank in the months of November and December. This decrease has also resulted in the temporary rise of the crude oil price in the market," he added.

Ghanimifard also estimated Iran's overall export crude oil price value about 52 billion dollars until the end of the year (Iranian calendar, March 21).

"This figure was something about 41 billion dollars in late November 2006 and considering the average price of 56 dollars for every barrel, it would reach the sum of 52 billion by the end of the year," he concluded.

... Payvand News - 1/3/07 ... --