Iran says global oil market saturated

0 Comments | AFP, June, 2008

TEHRAN (AFP) — Iranian Oil Minister Gholam Hossein Nozari said on Thursday that the world market was saturated and that OPEC was meeting demand, official Iranian news agency IRNA reported.

"There is enough oil in the market; there is no problem with oil supply and there is enough capability to supply as much oil as the global market has the capacity to receive," IRNA quoted Nozari as saying.

"But at the moment, the market is saturated."

The Organisation of Petroleum Exporting Countries supplies oil based on the needs of the market, added Nozari, whose country is OPEC's second biggest producer.

Nozari's comment came amid skyrocketing oil prices that have raised concerns among consumers.

New York's main oil futures contract, light sweet crude...