Iran’s Minister of Oil, Gholam-Hossein Nozari, said that Iran will not lower its crude price, the official IRNA news agency reported.

Iran has not lowered its crude price and will not lower it, Nozari told the reporters when asked about the rumors around the country’s decision to lower its crude price.

“None of oil producing countries will lower their oil prices and the prices will be decided by the market variables and the supply and demand mechanism,” Nozari was quoted as saying.

He said that policy making and raising prices are among key goals of Iran’s Oil Ministry.

Earlier, Iran’s Oil Minister said that Iran would offer the Organization of Petroleum Exporting Countries (OPEC) new ways to boost oil prices.

The economy of Iran, OPEC’s second-largest producer, depends largely on oil. The income from oil accounts for almost 80 percent of the country’s foreign exchange revenues.

The weekly average prices of OPEC maintained their upward trend and finally broke through the 70-dollar mark, reaching $72.04 a barrel last week, the Vienna-based cartel said Monday.

The price has doubled since the beginning of this year. It was also the highest of the OPEC weekly average oil prices since the second week of October 2008.

(Xinhua & Rigzone)