Iran's Organization of Petroleum Exporting Countries governor said Wednesday the group's oil ministers will discuss an expected crude supply surplus in the first quarter of 2010 at their upcoming meeting in Vienna on Sept. 9.
"Demand for OPEC oil will be about 28 million barrels per day for the first quarter of next year but, based on secondary sources, at the moment OPEC production for July is about 28.7 million," Mohammad Ali Khatibi told Zawya Dow Jones by telephone.
"If OPEC continues this production, stockpiles will build by 700,000 barrels per day so this will be brought to the attention of ministers," Khatibi added.
Khatibi said, based on different forecasts including OPEC's own data, demand for oil is set to increase between 500,000 and 1 million barrels a day in 2010.
However, "non-OPEC production will also increase and absorb part of this demand," he said.