Vienna: Iran’s oil minister says he thinks there is too much crude on the market, adding that Opec is reviewing whether it should cut back supplies.
Gholam Hossein Nozari’s comments come a day ahead of a meeting of Opec oil ministers who will decide whether to reduce production or keep it steady.
Nozari spoke on Monday, 8 September against a backdrop of oil prices that have fallen nearly 30% from their highs of almost $150 a barrel. Iran has been the most vocal proponent of tightening Opec’s oil spigots.
Even if the ministers decide to reduce output, any cutback is expected to be relatively small, however.