Iran predicts excess of oil on world market

Iranian Oil Minister Bijan Zanganeh predicts an excess of petroleum products on the world market. Saudi Arabian Oil Minister Ali al-Naimi said earlier that oil states should not reduce extraction rates, the market should decide the price for oil. Russian Minister for Energy Alexander Novak said on Friday that Russia had no technologies to make swift changes in extraction rates, RIA Novosti reports.

OPEC countries will meet in Vienna on November 27. Analysts predict that members of the organization would reduce extraction rate.

Venezuela, Libya, Ecuador and Iran have already expressed readiness to reduce oil extraction.

Iranian Oil Minister Bijan Zanganeh predicts an excess of petroleum products on the world market. Saudi Arabian Oil Minister Ali al-Naimi said earlier that oil states should not reduce extraction rates, the market should decide the price for oil. Russian Minister for Energy Alexander Novak said on Friday that Russia had no technologies to make swift changes in extraction rates, RIA Novosti reports.OPEC countries will meet in Vienna on November 27. Analysts predict that members of the organization would reduce extraction rate.Venezuela, Libya, Ecuador and Iran have already expressed readiness to reduce oil extract