Iranian oil minister says OPEC has no immediate plan to release more oil

Oil prices rose Monday after Iran’s oil minister said OPEC has no plans to release more oil into the market ahead of its next policy meeting in September.

Iranian Minister of Petroleum Kazem Vaziri Hamaneh told reporters on the sidelines of a regional oil and gas conference in Kuala Lumpur that there is adequate crude oil in the market and commercial oil inventories are at a high level.

“There is sufficient crude oil in the market, there is no shortage of crude oil,” he said when asked if the Organization of Petroleum Exporting Countries should raise supplies to the market to ease high oil prices.

IHT