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Markets

Iran says crude market balanced, oil prices ‘good’

Published December 11, 2011 Updated December 11, 2011 08:38am
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By Imad Uddin
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TEHRAN: The global oil market is balanced, Iranian Oil Minister Rostam Qasemi said on Sunday, calling on some OPEC members to cut back as Libyan output resumes.

"The market is balanced and there is no need to increase OPEC's production ceiling ... Those member countries who have increased their production to compensate for Libya should cut back ... the current price of oil is good and should be preserved," Qasemi told a news conference.

Copyright AFP (Agence France-Presse), 2011

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