Tehran: Crude oil prices are proper and fair and there is more than enough oil in the market, OPEC’s secretary general told an Iranian daily in an interview published on Tuesday.
“We regard current crude prices as proper and fair...The market is oversupplied with crude,” the organisation’s secretary general Abdullah al-Badri was quoted as saying by the state-run Iran newspaper.
“Current oil prices are very real,” said Badri before leaving Iran after three days on Monday.
Oil eased below $109 on Tuesday, after rising nearly $3 in the previous session as concerns over disruptions to diesel supply mounted following a fire at a European refiner.
US crude was 29 cents lower at $108.80 a barrel at 0604 GMT, after hitting $109.48 in intra-day trade on Monday, just 2% off a record high hit last month.
The Organisation of the Petroleum Exporting Countries groups 13 members and pumps two in every five barrels of crude oil.