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Oil market is saturated: Iranian Oil Minister

Tehran, May 17, IRNA - Oil Minister Gholam-Hossein Nozari said on Saturday that the increase of OPEC output would not affect oil price as the market is well-supplied and "saturated".

The minister made the remarks on the sidelines of the eighth session of Iran's Petrochemical Forum opened here Saturday morning.

The two-day conference is participated by senior experts of oil and petrochemical industries from 118 Iranian and over 76 foreign companies from 27 countries.

Speaking to reporters, Nozari said that Iran has completed its oil production capacity.

Iran's current crude output stands on 4.170 million bpd.

On May 13, Nozari denied reports about Iran's decision to reduce its crude oil output and stressed that the country would usually decide about prices of its crude oil and exports based on oil market situation.

Iran, the world's fourth-largest oil producer, is exporting an average of 2.4 million - 2.5 million barrels of crude oil per day, said the minister.

Referring to some projects for renovation of Iran's refineries, the minister said after the completion of those projects, more crude oil would be needed.

Commenting on a recent remark by President Mahmoud Ahmadinejad about Iran's decision to reduce its oil output, Nozari said, the president's remarks were made in line with a general policy of the Oil Ministry.

During the current Iranian calendar year (started on March 20), Iran's oil output was about 200,000 bpd higher than last year, Nozari added.

... Payvand News - 05/17/08 ... --

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