According to Bizhan, “OPEC can do nothing about that. If it produces two million barrels above its ceiling this will accelerate future pressure on the oil prices [and with] OPEC output already high, adding two million additional barrels would weigh on prices in the forthcoming months.”
“Crude oil supply in the market is well above the seasonal demand in the second quarter. [OPEC] used to produce 1.5 million barrels of extra oil at this season each year, but two million additional barrels are currently stockpiled,” added the Minister, speaking to reporters at a gas conference in Tehran.
