Iran Oil Min: OPEC Must Control Excess Oil Supplies

Iran Oil Min: OPEC Must Control Excess Oil Supplies
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Τρι, 2 Σεπτεμβρίου 2008 - 15:27
Iran's oil minister said Tuesday the Organization of Petroleum Exporting Countries needs to "control" excess crude oil supplies, the state news agency Irna reported.
Iran's oil minister said Tuesday the Organization of Petroleum Exporting Countries needs to "control" excess crude oil supplies, the state news agency Irna reported.

"Oil supply must be well-proportioned with demand and control over OPEC's excess oil supply is an issue that must be discussed at the organization's upcoming meeting," Gholam Hossein Nozari said, according to Irna.

OPEC is scheduled to meet in Vienna on Sept. 9.

The oil minister said some OPEC members have excess supplies and produce more oil than their designated OPEC quota, Irna reported.

Nozari added that a request will be made to OPEC members to restrain excess supply, Irna said.

Iran is OPEC's second largest oil producer after Saudi Arabia.

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