Iran says OPEC output increase to disturb current oil market balance

17:03, December 02, 2009      

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Iran's envoy to the Organization of the Petroleum Exporting Countries (OPEC) Mohammad-Ali Khatibi said an increase in OPEC output will disturb current balance in oil market, Iran's English language Press TV reported Tuesday.

"The figures show a balance between supply and demand in the oil market," Khatibi was quoted as saying on Monday.

He said the current balance in the global oil market will be sustained during the next six months and it will be upset if OPEC increases its output.

He noted that "OPEC crude output in recent weeks has been 29 million barrels per day, (while) the demand for it estimated at 29.3 million barrels per day in the last quarter of 2009."

On Saturday, Khatibi said that there is no need for OPEC to change its oil output.

"Considering the current supply and demand situation in the oil market, it is likely that OPEC would maintain the quota at a forthcoming meeting in December, should conditions be met," he said.

At their forthcoming meeting on Dec. 22 in Angola, OPEC members will determine the organization's total output for the first six months of 2010.

Source: Xinhua
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