Iran to set up oil stock exchange next week

Iran's Oil Minister Kazem Vaziri Hamaneh said Wednesday the Oil Stock Exchange, which is in its final stage, will be launched in Iran in the next week, the Iranian news agency reported.

After arriving from Doha, Vaziri Hamaneh told reporters that the Council of Stock Exchange was expected to approve the registration of the Oil Stock Exchange soon.

Vaziri Hamaneh denied reports attributing him to comments that the Oil Stock Exchange was meant to undermine the United States.

The Iranian official attended the 10th General Assembly of International Energy Agency in Qatar where he held various consultations with member of the Organization of Petroleum Exporting Countries.

Oil producers held talks with oil producers on the security of supply and demand, security of investment in energy and environment issues.

"The best method for security of demand in the oil sector is that consumers should be given opportunity to enter into partnership with the suppliers in investment in oil industry," Vaziri Hamaneh said.

He said political tensions are negatively influencing global oil prices, which should be determined by economic and technical fundamentals instead.

"As long as political impacts dominate the oil market, price hike will continue," he concluded.