Iran: Enough Supply in Oil Market

A03119061.jpgIran’s caretaker oil minister said the market had enough supplies of crude and OPEC was not to blame for the surge in oil prices. “There is no problem regarding supply. OPEC is producing at full capacity,” caretaker Oil Minister Gholam Hossein Nozari told Iran daily on Saturday, a day after prices set a new record above $92 a barrel.

“OPEC is not to blame. The West should not look at OPEC for the reason for oil price rises.”

Oil prices rose to a record high above $92 a barrel on Friday as the tumbling dollar and Nigerian output disruptions helped extend a rally that has lifted prices nearly 30 percent since August.

Worries that supplies may come up short ahead of the Northern Hemisphere winter have fuelled the rise, drawing a fresh wave of speculative money from investors.

Iran and some other OPEC ministers have also said world oil markets were well supplied. They say prices have been driven by other factors, such as tensions in the Middle East, rather than a shortage of supply.

OPEC is due to hold a summit of heads of state of OPEC in November.

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