Saturday, August 14, 2004 Oil Mkts Oversuppy, Hike Not Needed-Iran

Latest Business News and Financial Information | "Oil Mkts Oversuppy, Hike Not Needed-Iran
Sat Aug 14, 2004 03:04 AM ET

TEHRAN (Reuters) - Global oil markets are oversupplied by 2.8 million barrels per day (bpd) of crude, meaning there is no reason for OPEC to increase production to bring prices down from 21-year highs, Iran's OPEC governor said Saturday.
'Now there are more than 2.8 million bpd of crude more than demand,' Hossein Kazempour Ardebili was quoted as saying on the Oil Ministry Web site.
'There is no reason for OPEC members to increase production,' he added.
Kazempour predicted that oil prices would continue to rise on the back of political and military tensions, ignoring market laws of supply and demand.
NYMEX September crude futures (CLc1: Quote, Profile, Research) closed at a scorching $46.58 Friday, after touching a fresh record high of $46.65. "


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