Iran sees possible oil over-supply in 2009: report

Production at these levels will result in an oversupply, according to Iran, a leading member of Opec.

TEHRAN// Continued Opec production at current levels would lead to over-supply of its crude in the first half of next year, causing a fall in prices, the Opec governor of Iran was quoted as saying today. Mohammad Ali Khatibi, speaking two days before Opec ministers were due to meet in Vienna, said demand for the cartel's oil was forecast at about 31 million barrels per day (bpd) for the first six months of next year.

"Opec's oil production currently ... is between 32.6 and 32.8 million bpd," Mr Khatibi was quoted as saying by the official IRNA news agency. *Reuters