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Iran sees oil market `relatively balanced`

2011-12-11
TEHRAN, Dec 10: Iran`s Opec governor said on Saturday the oil market was `relatively balanced`, indicating the country will not push for any major shift in an Opec ministerial meeting next week.

`The market is relatively balanced ... and my feeling is there is a general sentiment among the Opec members to make a decision based on the real needs of the market, Mohammad Ali Khatibi told Reuters.

Khatibi`s comments came days ahead of a meeting of the Organisation of the Petroleum Exporting Countries inVienna on Wednesday.

Iran, Opec`s leading price hawk, said in November it would ask member states to reduce output back to preLibya crisis volumes, but it has since backed down from that stance and now appears likely to agree a new production target that legitimises current output of around 30 million barrels a day.-Reuters