Surplus oil harmful for global market: Iran’s OPEC governor

TEHRAN, Nov. 28 (MNA)--The representative of Iran to the Organization of Petroleum Exporting Countries (OPEC) said that any surplus of oil will be harmful for the global market. Mohammad-Ali Khatibi added that a balanced market will be beneficial for all the member states. “So, we should not allow any oil surplus to exist in the market.” On November 21, Khatibi said in Riyadh he foresees a “positive” OPEC meeting next month. OPEC should be wary of a possible drop in demand next year, he added. The Organization of Petroleum Exporting Countries meets on Dec. 14 in Vienna to decide whether it needs to alter production targets. Oil ministers from Iran, Nigeria and Algeria said on Nov. 13 that markets aren’t over-supplied, a sign they see little need to alter the group’s output yet.