MOSCOW (Sputnik) — Fereidun Fesharaki, chairman of the FGE, also warned that a deal on Iran's nuclear program, which he assessed as very likely to be reached before the end of March, may lead to a $5-fall in oil prices.
He added that crude prices could potentially fall to the level of $20-25, the cash cost of shale oil, "but it won't stay there."
The expert said that Saudi Arabia was willing to cut its oil production, but only in case shale oil producers and Russia take the same action.
Global oil prices have dropped by about 50 percent since last summer. In November, the Organization of Petroleum Exporting Countries (OPEC) decided not to cut oil output levels, which contributed to a greater slump in prices. Current prices hover at $43-$50 per barrel.
