Iran Wants Excess Supply on OPEC Agenda

1ASDSA-21317.jpgTEHRAN (FNA)- Iran on Tuesday called for the Organization of Petroleum Exporting Countries (OPEC) to discuss quota-busting by some members at its meeting in Vienna on September 9.

“The oil supply should be proportionate to demand and control of excess supply is an issue which should be addressed at the upcoming OPEC meeting,” Oil Minister Gholam Hossein Nozari told the Islamic republic news agency.

“Some OPEC members are providing the market with excess supply and producing more than their OPEC quota. Therefore, at the next meeting the members will request a stop to the excess supply,” he added.

World oil traded sharply lower in Asia on Tuesday, with the New York contract below $109 a barrel from its US close Friday. The fall comes after the market experienced record highs of above $147 on July 11.

Nozari said on Sunday, “Excess supply of oil affected prices in market, and it is not only Saudi Arabia which has excess supply but there is an increase in supply from other members that has affected prices.”

One hundred dollars a barrel is “a minimum” for oil prices, said the minister. Iran is the world’s fourth-largest crude producer.

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