No signs of supply shortage in oil market: Iran

SHANA — Iranian Minister of Petroleum Bijan Zangeneh stressed the current supply-demand balance in the oil market, saying: “Someone needs to tell me, why we should increase production when the market is already in balance.”

Speaking to reporters prior to the OPEC technical ministerial committee in Vienna on Thursday to review compliance with the OPEC-non-OPEC output cut agreement, the official said: “There are no signs of a supply shortage in the market.”

Asked whether Iran had endorsed a proposal to jack up its crude output, Mr. Zangeneh said: “I have not approved of anything; Iran does not agree with an oil production increase at the upcoming 174th OPEC meeting.”