Oil market faces surplus and needs balancing: Iran oil minister

Reuters: Iran’s Oil Minister Bijan Zanganeh said on Wednesday that the oil market was facing a surplus and needed to be balanced, SHANA, the news site of the Iranian oil ministry, reported.

“There is no doubt that there is an imbalance in the supply and demand of oil. Right now, the supply in the market is greater than demand,” Zanganeh said. “It’s necessary for OPEC and non-OPEC to make all their efforts to balance the market.”

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