Iranian OPEC governor: Global market may face surplus of storage in 2H

Azerbaijan, Baku, Jun.18/ Trend F.Milad/ The Iranian representative to the Organization of Petroleum Exporting Countries has said if the current level of production continues, the market may face a surplus in crude storage in the second half of the year. Mohammad-Ali Khatibi told the Shana News Agency that the OPEC's output is currently at around 31.5 million barrels. He added that the existing levels of storage both on land and sea are high and grew compared to the last year. OPEC decided on Thursday to keep its official ceiling output level at 30 million barrels a day, citing bad global economy conditions. "We asked member countries to adhere to 30 million barrels a day. Now they know that they are producing 31.6 million barrel a day and they were asked to reduce the 1.6 and adhere to the 30 million barrels a day," Secretary General of OPEC Abdalla Salem El-Badri said at the end of the 161st meeting of the organization in Vienna. OPEC accounts for about one-third of global crude production and its decision on Thursday corresponded with its professed goal to eradicate the volatility of international oil markets. Do you have any feedback? Contact our journalist at agency@trend.az