Market supplied with enough oil, OPEC official says

TEHRAN (Reuters) – The oil market is supplied with enough crude and OPEC is not under pressure to raise output, the group’s secretary-general was quoted as saying on Saturday during a visit to Iran.

“Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar’s value, shortage of refinery capacity and some political tensions in the world,” OPEC Secretary-General Abdullah al-Badri was quoted as saying by Iran’s official IRNA news agency.


His views were in line with those often voiced by officials in Iran, the second-largest producer in the 13-member Organization of the Petroleum Exporting Countries.

“OPEC is not under any pressure … to raise crude output,” Badri told reporters in Tehran, according to IRNA.

He also made clear there were no plans to hold an OPEC emergency meeting before its next scheduled meeting in September. The group last met in early March.

Reuters