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60m Extra Barrels of Oil in Market: OPEC Chief

Service : Economy
TEHRAN, July 17 (ICANA) – The OPEC president says currently there are 60 million extra barrels of oil in the market and there is no reason that OPEC raises its output.
Sunday, July 17, 2011 8:10:37 PM
60m Extra Barrels of Oil in Market: OPEC Chief

Iran currently holds the rotating presidency of OPEC.

“Currently, there are 60 million extra barrels of oil,” Mohammad Ali Abadi told reporters on Thursday.

It shows that there is no oil shortage in the market and “accordingly there is no economic, technical, or emergency reason that OPEC increases oil output,” explained Ali Abadi, who is currently Iran’s caretaker oil minister.

He also criticized Saudi Arabia for its unilateral policy within OPEE, saying Riyadh, under the influence of certain countries, is trying to lower oil prices.

The caretaker minister said oil is a strategic good which its price is decided by the market.

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