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Iran OPEC Governor rejects lack of oil supply in the market

Source: ISNA

Iranian OPEC Governor Mohammad Ali Khatibi said there is no lack of oil supply in the market. "Raising outputs by some countries were unnecessary and it may have sought particular and probably political aims," he told ISNA.

He added, "second-hand sources' calculations suggest that 29,7000,00 to 30,000,000 oil barrels were produced daily in January, whereas some 700,000 to 1,000,000 barrels exceeded the demands."

Khatibi continued Libyan oil outputs hit 1,6 million barrels which is now lessened by half, noting that the extra-produced amount by other countries make up for decreased outputs by Libya.

He added not only there is no lack of supply in the market, but also massive amount of outputs have been stored.

OPEC's members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq is exempt from the quota system.

Iran's capacity is around 4.1 million barrel per day.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

... Payvand News - 03/05/11 ... --

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