Posted by December 8, 2009
Source:
DOHA (Zawya Dow Jones)–Iran’s Organization of Petroleum Exporting Countries governor said Tuesday that he sees a stronger economy in 2010 and that the oil market is currently balanced between supply and demand.
“We are worried about inventories, but the oil market is at the moment balanced and there is no oversupply,” Mohammad Ali Khatibi said.
“Demand for OPEC crude in the fourth quarter is about 29 million barrels a day and production is about 28.8 million [barrels a day], so it is balanced,” he said.
He added that he sees a stronger economy in 2010, although he wouldn’t comment on the nature of the growth, nor would he comment on whether supply and demand will remain balanced in the first half of 2010.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 364 4965 Tahani.Karrar@ dowjones.com