World crude market is currently 'oversupplied': Iran's Zanganeh
Port of Spain, Trinidad (Platts)--26Apr2005
World crude markets are currently oversupplied, Iranian Oil Minister Bijan Zanganeh said Tuesday. "There is no difficulty on the supply side," Zanganeh told reporters here, where he is attending a conference of gas exporting countries. "The market is oversupplied." Zanganeh's comments come as a growing number of OPEC ministers say it is not necessary to supply the market with additional crude in the short-term, and that discussion of the cartel's next move on output can wait until its June 15 meeting in Vienna. A survey by Platts earlier this month showed the 10 OPEC members bound by the cartel's output agreements pumped 27.98-mil b/d in March. OPEC's formal quota was raised from 27-mil b/d to 27.5-mil b/d at the group's March 16 meeting in Iran. This story was originally published in Platts Global Alert http://www.globalalert.platts.com
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