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Iran says oil market well-supplied, saturated
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08:48, May 18, 2008

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Iranian Oil Minister Gholam-Hossein Nozari said on Saturday that the increase of OPEC output would not affect oil price as the market is well-supplied and "saturated," the official IRNA news agency reported.

Iran has completed its oil production capacity, Nozari told reporters on the sidelines of the eighth session of Iran's Petrochemical Forum opened on Saturday morning. The report gave no more quotes from the Iranian oil minister, but noted that Iran's current crude output stands on 4.170 million barrels per day.

The two-day conference involves senior experts of oil and petrochemical industries from 118 Iranian companies and over 76foreign companies from 27 countries.

On May 13, Nozari denied reports about Iran's decision to reduce its crude oil output and stressed that the country would usually decide the crude oil prices and exports based on oil market situation.

Iran, the world's fourth-largest oil producer, is exporting an average of 2.4 million to 2.5 million barrels of crude oil per day ,said the minister.

Referring to some projects for renovation of Iran's refineries, the minister said more crude oil would be needed after the completion of those projects.

Commenting on a recent remark by Iranian President Mahmoud Ahmadinejad about Iran's decision to reduce its oil output, Nozari said the president's remarks were made in line with a general policy of the Oil Ministry.

Source: Xinhua

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