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VIENNA: OPEC needs non-cartel members to help address an oil supply glut that is set to grow next year, Iran’s oil minister said here on Wednesday (Nov 26).
“All the experts in the markets believe that we have an oversupply on the market and next year we will have more oversupply,” Iran’s Oil Minister Bijan Namdar Zanganeh told reporters.
But Zanganeh said it was not solely up to the Organisation of the Petroleum Exporting Countries to tackle the oversupply which is sending crude prices crashing to four-year low points. “To deal with this situation we need to have a contribution from non-OPEC producers for managing the market,” he told reporters on arrival in Vienna, where the cartel is headquartered.
Saudi Arabia signals no Opec output target change Financial Times
WTI Oil Trades Near 4-Year Low as OPEC Sends Mixed Signal Businessweek
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