OPEC Leaders Say Oil Market is Well Supplied

The oil ministers of Iran and the United Arab Emirates said Tuesday that oil markets are well supplied despite crude prices hovering well over $50 a barrel.

“The oil market is well supplied. It may be oversupplied,” said Iranian Oil Minister Bijan Zanganeh. He was in Trinidad with fellow Organization of the Petroleum Exporting Countries oil ministers from the UAE and Qatar for a natural gas exporters conference.

“If you need more oil, we’ll give you more,” UAE Oil Minister Mohamed al-Hamili said.
Reuters