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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