Iranian oil minister asserts that OPEC won’t release more oil into the market ahead of its next policy meeting in September as markets have sufficient crude oil reserve, whereas Saudi Arabia decides to keep its shipment volumes steady.
Iranian Petroleum Minister Kazem Vaziri Hamaneh unleashes his statement in regional oil and gas conference Kuala Lumpur that
There is sufficient crude oil in the market. There is no shortage of commercial oil stocks are at a very high level, at a comfortable level
Minister reveal its desire to build energy cooperation in Asia as Chinese and Indian economies are expanding speedily and expected to become two major oil consumers in the next 20 years. But rejected country’s concrete plans to supply crude to China’s strategic oil reserves. But in the long run, country has been looking for strengthening its base and seeking more business opportunity in the region.
Keeping growing market leaders in mind Iranian government is working on to finalize five joint-venture refinery projects in the region with China, Indonesia, Malaysia, Singapore and Syria, which will have total capacity of 1.1 million barrels a day.
After the statement, market experienced a prices surged for the trading. Light, sweet crude for July delivery gained 35 cents to $65.11 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. Brent crude for July delivery mounts 31 cents to $68.91 a barrel on the ICE Futures exchange in London. In other Nymex trading, heating oil futures raised nearly a cent to $1.9072 a gallon.
Image: richard-seaman
Via: MSNBC
