Oil market supply and demand balance is fragile, Iranian Oil Minister says

Oil market supply and demand balance is fragile, Iranian Oil Minister says
  • Clock-gray 16:59
  • calendar-gray 01 April 2019

The balance between supply and demand in the oil market is fragile, Iranian Oil Minister Bijan Zanganeh said on Monday, as he called on crude producers to be wary of troubles caused by U.S. sanctions, APAreports citing Reuters.

“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 U.S. measures against big oil producers.” 

“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.

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

 

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