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Iranian official says global crude oil demand will fall

(Xinhua)

09:54, December 12, 2011

TEHRAN, Dec. 11 (Xinhua) -- Iran's representative to the Organization of Petroleum Exporting Countries (OPEC) said the global demand for crude oil will fall in the second quarter of next year, local daily Tehran Times reported Sunday.

Although the oil market is currently in a balanced situation, " OPEC members should be vigilant of a probable cut in crude demand next year," Mohammad-Ali Khatibi was quoted as saying on Saturday.

Khatibi warned OPEC last month against crude oil oversupply to the market, saying that any oil oversupply would be harmful for the global market.

A balanced market would be beneficial for all the OPEC member states, he said, adding that "We should not allow any oil surplus to exist in the market."

OPEC is scheduled to hold a meeting on Dec. 14 in Vienna.

Iran is expected to persuade the OPEC members at the meeting to bring the cartel's output back to the level before it was raised earlier this year in response to the Libyan crisis.

Iran, African producers and Venezuela blocked a Saudi proposal to increase OPEC's output at its last meeting on June 8, but Saudi Arabia and its allies boosted the output unilaterally afterward.

 
 
 
 
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