Iran Oil Min: “There's No Need For Extra Oil”

Iran's Oil Minister Gholam Hossein Nozari said Tuesday oil prices moving up despite Saudi Arabia's announcement Sunday to boost output by 200,000 barrels a day indicate that the crude market is well supplied.

The "state of the market is one in which there's no need for extra oil," Nozari said at a press briefing in Tehran.

"Even after the Saudi announcement of an increase we saw the price of oil rise," he added.