Global Oil Supply and Demand More or Less Balanced – Oil Minister

According to “Tehran Times”, Iranian Oil Minister Kazem Vaziri Hamaneh said supply and demand in the global oil market has become more or less balanced at the moment. His remarks were made at Imam Khomeini International Airport upon his arrival from Kuwait, where he attended the 138th Organization of Petroleum Exporting Countries’ (OPEC) ministerial meeting. To avoid such a possibility, he said OPEC member states agreed in the meeting to reduce their production quota in the first quarter of 2006. He added that OPEC oil ministers backed the price of 50 dollars per barrel of oil as being “reasonable” and Iran also backed it. Hence, he said in the meeting it was agreed to maintain OPEC’s agreed production quota of 28 million barrels per day.