Oil market supply and demand balance fragile: Zanganeh

TEHRAN, Apr. 01 (MNA) – The balance between supply and demand in the oil market is fragile, Iranian Oil Minister Bijan Namdar Zanganeh said on Monday.

“Oil market is in a fragile situation considering the supply and demand balance, so the oil producers should be wary of any trouble in the oil market, especially due to US measures against big oil producers,” Zanganeh said, as he called on crude producers to be wary of troubles caused by the US sanctions.

Zanganeh has traveled to Moscow to discuss the oil market with his Russian counterpart Russian Energy Minister Alexander Novak.

“Russia is one of the biggest oil producers in the world, and we are in a situation that we thought it is necessary to discuss the oil market with our Russian friends,” Zanganeh said.

Pointing to the oil sanctions imposed by the US on Iran and Venezuela, Zanganeh noted that a part of his visit to Moscow is aimed at talking with his Russian counterpart on the global oil market, especially on the problems caused by oil producers, including Libya and Nigeria.

The visit comes at a time when the US has imposed sanctions on Iran's oil imports and the OPEC member and non-member oil producers will decide on their policies for the year 2019 in a few weeks.

The US reimposed sanctions on Tehran in November after pulling out of a 2015 nuclear accord between Iran and six world powers. Those sanctions have already halved Iranian oil exports.

Washington is likely to renew waivers to sanctions for most countries buying Iranian crude, including the biggest buyers China and India.

MR/IRN83261964

News Code 143723

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