Iran’s Oil Minister Gholam Hossein Nozari has maintained that the global oil market is ‘saturated’ and there is no problem with oil supply.
Nozari insisted that oil producers are capable of supplying oil as much as the market has the capacity to receive.
“But at the moment, the market is saturated,” he said.
The Organization of Petroleum Exporting Countries supplies oil based on the needs of the market, Nozari noted.
Iran is the second biggest oil producer within OPEC after Saudi Arabia.
Nozari’s comment came amid skyrocketing oil prices that have raised concerns among consumers.
New York’s main oil futures contract, light sweet crude for July delivery, was traded at $135.40 a barrel on Thursday.
Nozari also added that his oil-rich country is in talks with neighboring Iraq over a series of joint oil fields including Azar oil field.
DB/PA
