OPEC president says oil market oversupplied

OPEC’s president said the oil market is oversupplied and that any increase in output at the cartel’s meeting next month must take into consideration prices and growth in demand.

‘The OPEC-10 (excluding Iraq) real production now in the market based on our latest information from OPEC and other sources is 29.7 million barrels per day,’ Sheikh Ahmed Fahd al-Sabah – who is also Kuwait’s energy minister – told reporters