Financial Briefs

Breaking financial news from Wall Street to Main Street

Crude Below $100/Barrel May Affect International Upstream Investments

Posted by financialbriefs on September 24, 2008

Oil prices below $100 a barrel would make international investment in the upstream oil sector less attractive and lead to a decline in oil revenue that could reduce Iran’s investment in its oil industry, a top Iranian oil official said Wednesday.

“When the price of crude oil is coming down, it means investment in the upstream shouldn’t be so attractive than it would at $100 or more,” Ali Asghar Arshi, Executive Director for International Affairs at the National Iranian Oil Co., told Dow Jones Newswires in an interview in Tehran.

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