Iran Economy News Global oil market over supplied - Iran OPEC governor

Global oil market over supplied – Iran OPEC governor

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Reuters: Iran sees the global oil market as over supplied, despite prices that have been pushed up by upheaval in the Middle East, its OPEC governor was quoted as saying in a newspaper on Saturday.

TEHRAN, April 9 (Reuters) – Iran sees the global oil market as over supplied, despite prices that have been pushed up by upheaval in the Middle East, its OPEC governor was quoted as saying in a newspaper on Saturday.

“Not only is there not a shortage of supply in the oil market but there is 1 million barrels (per day) of excess supply,” Mohammad Ali Khatibi told the Sharq daily in an interview in which he also warned that prices would continue to increase if the Libyan crisis persisted and would “explode” if there were any security problems in Saudi Arabia. (Tehran newsroom; Editing by Robert Birsel)

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