Iran says Oil Market well supplied

[Charles R Palace]

TEHRAN - The crude market is supplied with sufficient oil and the Arab
world's political developments had affected oil prices, Iran's OPEC
governor Mohammad-Ali Khatibi said on
Saturday.

"There is currently no shortage of oil at the market and it is
sufficiently supplied ... the recent political developments in some
major OPEC member countries ... have affected the
prices,"" Khatibi told the Mehr news agency.

Early this month, Khatibi, said that the oil market is currently not
in a critical situation, so there is no need to hold an extraordinary
OPEC meeting.

Iranian Oil Minister Massoud Mirkazemi has said there is no need for
OPEC members to
hold an emergency meeting, even if prices rise as high as $120 a
barrel.

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