Iran Says Crude Oil Supply Enough to Meet Demand

Iran says crude oil supply enough to meet demand

TEHRAN, Sept. 19 (Xinhua) — Iranian acting oil minister Kazem Vaziri Hamaneh said on Monday that the supply was currently in a favorable condition and the main problem with the market was the shortage of oil products and not the crude supply, the official IRNA news agency reported.

“Iran will hold consultations with other members of the Organization of the Petroleum Exporting Countries (OPEC) at the meeting in an attempt to find a market stabilizing mechanism,” Hamaneh was quoted as saying on the sideline of the 137th OPEC ministerial meeting which opened on Monday in Vienna.

OPEC ministers are expected to consider lifting output quotas by at least 500,000 barrels per day (bpd) on top of the current ceiling of 28 million bpd for ten members with quotas except Iraq.

Any decision to raise quotas will be merely symbolic as the real output has exceeded the official limits.

Iran is the second largest oil producer in the OPEC with the production of 4.3 million bpd. According to official statistics, Iran has 132 billion barrels of oil and 26,800 billion cubic meters of natural gas in proven reserves, both at the second place in the global list.