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Iranian petroleum minister says OPEC has one million surplus oil output

Iran Materials 21 May 2012 16:37 (UTC +04:00)

Azerbaijan, Baku, May 21/ Trend D.Khatinoglu/

Iranian Petroleum Minister Rostam Qasemi said OPEC produces about one million barrels of surplus oil, which is more than international oil markets' demand, Shana reported.

According to OPEC's latest statistics published two weeks ago, OPEC members produced 31.621 million barrels of oil per day in April, indicating a 322,700-barrel increase per day.

The statistics indicate a 134,000-barrel daily decrease in April for Iranian oil output compared to March.

Iran produced 3.196 mbpd of oil in April, while its oil output hit 3.621 mbpd in 2011.

OPEC members are Iran, Saudi Arabia, Kuwait, Algeria, Iraq, Angola, Ecuador, Libya, Nigeria, Qatar, UAE and Venezuela

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