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Iran: Global Oil Market Oversupplied

Service : Economy
TEHRAN, April 10 (ICANA) – Iran's OPEC Governor Mohammad Ali Khatibi says the global oil market is oversupplied, rejecting reports about an oil shortage in the world.
Sunday, April 10, 2011 11:16:54 AM
Iran: Global Oil Market Oversupplied

Khatibi said that although prices have been pushed up by the turmoil in the Middle East, there is no shortage of supply in the oil market, Reuters reported on Saturday.

"Not only is there not a shortage of supply in the oil market, but there is one million barrels (per day) of excess supply," the Iranian official said.

Khatibi also noted that prices would continue to rise if the Libyan crisis persists, warning that the prices would increase drastically if any security problems develops in Saudi Arabia.

"In the event of any security problems occurring in OPEC's biggest oil producer (Saudi Arabia), there would be no price hike, but rather a price explosion," he added.

"By the beginning of the high travel season gasoline consumption will increase, and considering the shortage of Libyan crude it is natural to expect an oil price hike," he went on to say.

The Iranian official earlier said that the oil supply lost over the unrest in Libya has been around 700,000 to 800,000 barrels per day, but OPEC's current production levels are still above the global demand.

The Organization of the Petroleum Exporting Countries said Friday that its oil price stood at $117.65 per barrel on Thursday.

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