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9 Apr 2015
Crude markets still oversupplied – Iranian Oil Minister
FXStreet (Mumbai) - Iranian Oil Minister Bijan Zanganeh told Reuters on Thursday that Crude markets are still over supplied and that the Organization of Petroleum Exporting Countries (OPEC) strategy of keeping output unchanged is not helping stabilize the prices.
He further added that, OPEC will "coordinate itself" to accommodate Iran's return to oil markets without causing a price crash. Members of OPEC should also discuss production levels before June's meeting, he said.
Iran, once the No.2 exporter of OPEC, is looking to ramp up its crude oil exports quickly if a final nuclear deal leads to removal of sanctions.
He further added that, OPEC will "coordinate itself" to accommodate Iran's return to oil markets without causing a price crash. Members of OPEC should also discuss production levels before June's meeting, he said.
Iran, once the No.2 exporter of OPEC, is looking to ramp up its crude oil exports quickly if a final nuclear deal leads to removal of sanctions.