Iran Economy NewsCrude market oversupplied: Iran's OPEC governor

Crude market oversupplied: Iran’s OPEC governor

-

Reuters: Iran’s OPEC governor said oil prices were “nominal” and the crude market was oversupplied, the Students News Agency ISNA reported on Saturday.

TEHRAN Oct 9 (Reuters) – Iran’s OPEC governor said oil prices were “nominal” and the crude market was oversupplied, the Students News Agency ISNA reported on Saturday.

“The prices of oil in the market which stood between $70 to $80 … are nominal and not real … There is an oversupply in the oil market consequently some countries are stockpiling oil or its derivatives,” Mohammad Ali Khatibi told ISNA.

“If we compare the current prices with the prices a few years ago, the real prices will stand at a maximum of $50 a barrel.”

Oil prices have recovered from just above $30 a barrel in December 2008 and are trading above the $70-$80 range OPEC has said is acceptable for consumers and producers.

Khatibi also said some OPEC members believed prices were still “very low”.

The Organization of the Petroleum Exporting Countries (OPEC) meets to review oil output policy in Vienna on Oct. 14.

The 12-member producer group has held its supply target steady since announcing a record output cut in December 2008.

Though official policy is unchanged, members’ compliance with output targets slid to as low as 50 percent this year from 80 percent in April 2009. In the last two months, compliance has risen slightly and reached 57 percent in September. (Reporting by Ramin Mostafavi, Writing by Parisa Hafezi; Editing by Ron Popeski)

Latest news

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Iran Regime’s Upcoming Budget Bill Will Lead To More Protests

On January 12, the Iranian regime’s president Ebrahim Raisi handed over the country’s budget bill to the parliament.  According...

Must read

Iran: Social Collapse or a Ticking Timebomb Waiting To Explode?

“The totalitarian attempt at global conquest and total domination...

Millions marking spring festival

BBC: Tens of millions of people are celebrating Nowruz,...

You might also likeRELATED
Recommended to you