Mr Mohammad Ali Khatibi Iranian representative to the Organization of Petroleum Exporting Countries has said that if the current level of production continues the market may face a surplus in crude storage in the second half of the year.

The OPEC's output is currently at around 31.5 million barrels. The existing levels of storage both on land and sea are high and grew compared to the last year. OPEC decided to keep its official ceiling output level at 30 million barrels a day citing bad global economy conditions.

Mr Ali Khatibi said that "We asked member countries to adhere to 30 million barrels a day. Now they know that they are producing 31.6 million barrel a day and they were asked to reduce the 1.6 and adhere to the 30 million barrels a day."

Source - Trend News Agency

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