Iran oil minister, Energy News, ET EnergyWorld

Oil market faces surplus and needs balancing: Iran oil minister DUBAI: Iran’s Oil Minister Bijan Zanganeh said on Wednesday that the oil market is facing a surplus and needs be balanced, according to SHANA, the news site of the Iranian oil ministry.

“There is no doubt that there is an imbalance in the supply and demand of oil. Right now, the supply in the market is greater than demand,” Zanganeh said. “It’s necessary for OPEC and non-OPEC to make all their efforts to balance the market.”

“Based on the recommendation of the Joint Technical Committee and the secretariat, there must be a decrease of at least 500,000 barrels a day approximately in oil production,” he added.

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