Monday 3 October 2011

gulfnews : Iran, Saudis see balanced oil market

Global oil market supply and demand is balanced, Opec rivals Saudi Arabia and Iran said at the weekend after oil prices slumped on Friday on renewed global economic worries.

Leading exporter Saudi Arabia and its price-dove Gulf Opec allies raised production in June after failing to convince Iran and other price hawks to agree an official Opec increase to make up for a lack of Libyan oil.

Iran, along with Venezuela and Algeria, argued back then the global economic outlook was too uncertain to up production, rejecting Opec advisory panel advice that more oil would be needed in the months that followed.

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