Iran calls for control of OPEC oil supply

TEHRAN (Xinhua) — Iran’s Oil Minister Gholam Hossein Nozari said here on Tuesday that the Organization of Petroleum Exporting Countries (OPEC) should control the excess of oil supply to the market, the official IRNA news agency reported.

Nozari called for the member states of OPEC to discuss the issue by reconsidering the quota in the upcoming meeting in Viennaon Sept. 9.


“The oil supply should be in proportion to the market demand”, the report quoted him as saying.

He also expressed dissatisfaction at the behavior of some OPEC member states in the market, stating that “they are supplying the market with excess oil which is more than their quota.”

Saudi Arabia and some other members have excess supply and this has affected the oil price in the market, he said.

Xinhua