"The (crude oil) market is not oversupplied, there is balance between supply, OPEC production,...

|By:, SA News Editor

"The (crude oil) market is not oversupplied, there is balance between supply, OPEC production, and demand," Iraqi Oil Minister Hussain al-Shahristani said this morning. Crude briefly dipped below $70/barrel overnight, but was recently trading at $71.04, -0.8%.