Iranian Oil Minister Sees Supply Surpluses ("Market is oversupplied")

[Barrett808]

PORT-OF-SPAIN, Trinidad (AP) -- Global petroleum markets aren't short of crude oil and may even be oversupplied, Iran's oil minister said Tuesday.

"I think the market is oversupplied," Bijan Namdar Zangeneh told reporters during a natural gas conference in Port-of-Spain, Trinidad. "We have not difficulties on the supply side."

Iran is one of 11 member countries of the Organization of Petroleum Exporting Countries. Officials from two other OPEC members, Saudi Arabia and the United Arab Emirates, have said a global lack of refining capacity, not a shortate of crude oil, is to blame for an almost 50 percent surge in world prices over the last year.

"The markets should not expect OPEC to do everything," Zangeneh said.

OPEC President Sheik Ahmed Fahd Al Ahmed Al Sabah, however, said last week that the organization would automatically increase its total output by 500,000 barrels a day in May in response to an expected increase in demand.

http://biz.yahoo.com/ap/050426/caribbean_opec.html?.v=1

[hadrons]

1. sounds like a buff ....

'oh, we can increase capacity of crude, but we don't want to ... yeah, we don't feel its needed' (wink, wink)

[radwriter0555]

2. Ooooooh they better SHUT UP or bush will BOMB THEM for TRUTHING!

Like I 'been saying.

There ain't no stinkin' oil shortage and ain't no reason for the price gouging OTHER than massive profiteering.

[hector459]

3. Imagine my shock! You mean the oil companies are actually gouging us?

Amazing!!!

[LdyGuique]

4. This is more than I can handle on a first cup o'joe . . .

pouring a second and then alternating between them.