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Iran says sufficient oil in the market

No need to worry about oil (File)

By Reuters

Iran's Opec governor Mohammad Ali Khatibi said on Saturday the crude market was supplied with sufficient oil and the Arab world's political developments had affected oil prices, the semi-official Mehr news agency reported.

"There is currently no shortage of oil at the market and it is sufficiently supplied ... the recent political developments in some major Opec member countries ... have affected the prices," Khatibi told Mehr.

Opec's reference crude oil basket price rallied to $99.77 a barrel on Thursday from $98.68 the day before, Opec said on Friday.

The reference basket comprises 12 crudes.

The Organisation of the Petroleum Exporting Countries has kept its oil output targets unchanged since making a record supply curb of 4.2 million bpd in December 2008 in an attempt to stabilise prices.

But many members have increased supply informally since 2009 as prices and demand have risen.