Saturday, April 9, 2011

Iran Opec Governor: Global oil market over supplied

TEHRAN, April 9 — 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 today.

“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.. — Reuters

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