Iran sees global oil market oversupplied

Jul 13, 2011 12:00 AM

Iran sees the global oil market as oversupplied, despite prices that have been pushed up by upheaval in the Middle East. Mohammad Ali Khatibi OPEC governor said that not only is there not a shortage of supply in the oil market but there is 1 mm barrels of excess supply. He also warned that prices would continue to increase if the Libyan crisis persists and would “explode” if there were any security problems in Saudi Arabia.

Mr Khatibi said that 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. In the event of any security problems occurring in OPEC's biggest oil producer there would be no price hike, but rather a price explosion.

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