27.4.11

Iran sees the global market as oversupplied


Iran sees the global oil market as oversupplied, despite prices that have been pushed up by upheaval in the Middle East, its OPEC governor was quoted as saying in a newspaper published 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 Sharq daily in an interview.
He also warned that prices would continue to increase if the Libyan crisis persists.
© Reuters / 04-10-2011

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