Iran Official: Oil Market Fragile Due To Oversupply

(Dow Jones)- The global crude oil market is losing stability as consuming countries’ strategic oil reserves rise by about 1 million barrels a day, an official at Iran’s Oil Ministry said Thursday, quoted by the ministry’s news agency, Shana.

“The strategic crude oil reserves have currently shifted above a five-year average, and on average more than one million barrels a day are being added to them,” said Javad Yarjani, head of the ministry’s Organization of Petroleum Exporting Countries department.
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