Global oil market oversupplied: Iran

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Updated: 01/12/2008 | 08:24 AM IST

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Indo Asian News Service

Monday, December 01, 2008 (Tehran)

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The global oil market is oversupplied by two million barrels per day (bpd), Iran's oil minister said in Tehran.

"Market assessments indicate that the market has around two million barrels per day of oversupply," Gholam Hossein Nozari was quoted by Iran's Press TV as saying.

The Organisation of the Petroleum Exporting Countries (OPEC) announced in Cairo Saturday that it would maintain the current crude oil output until next month's meeting in Algeria.

OPEC president Chakib Khelil, who is also Algeria's energy and mines minister, made the remarks after a consultative ministerial meeting of the group to discuss ways to shore up the oil prices.

The ministers agreed to take any additional action to balance supply and demand and achieve market stability, Khelil said, adding that the oil cartel was concerned about the continued deterioration of the world economy and its impact on oil demand.

In recent months, the oil prices have dropped sharply. On Friday, it stood at around $54 a barrel, declining by some 60 per cent from over $147 a barrel in mid-July.

OPEC had cut its oil output by 1.5 million bpd in October and is to discuss further cut at the upcoming ministerial meeting in the western Algerian town of Oran. Iran has also proposed another cut in oil output by around one million bpd.