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Iran's Oil Minister: Global oil supply more than demand

Tehran, Jan 24, IRNA -- Petroleum Minister Bijan Namdar Zanganeh said in Tehran on Monday that global oil supply was more than demand in the international market and that there really was no shortage in oil output.

Speaking to reporters after the inauguration of the 13th International Oil, Gas and Petrochemical Conference in Tehran, the minister told reporters that while oil production and supply in the world market was low it was more than market demand.

"We should wait and see whether the Organization of Petroleum Exporting Countries (OPEC) would reduce its oil production quota by one million b/d during its upcoming 11th meeting in Vienna (next week), Zanganeh noted.

Asked if US recent threats against Iran will have the effect of raising global oil prices, the minister said: "Any threat or ballyhoo can lead to price increases."

... Payvand News - 1/24/05 ... --

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