Petkim's head believes high oil prices will bring a new balance

IZMIR (A.A) - Turkey's Petkim Petrochemical Holding Director General Hayati Ozturk expressed belief that high oil prices would bring a new balance. Oil prices have begun to rise after Iran announced that it would revise its oil sale to some European countries on Wednesday. Regarding the issue, Ozturk told AA that economies of the countries would be under a serious pressure with the rising trend in oil prices, adding that the price increase would drop the demand, however, it would bring a new balance. If there is a shortage in oil supply, we expect Saudi Arabia's additional capacity to be put into use, said Ozturk, adding that they would try to overcome the shortage by this way. Ozturk said that daily oil consumption of the world was 89.9 million barrels.