The president of the Organization of Petroleum Exporting Countries said Tuesday that there is no shortage of oil in global markets. Purnomo Yusgiantoro said oil production in the 11 OPEC nations, including Iraq, is "29 million to 30 million barrels every day." World oil production is running "1.5 million barrels every day above demand, based on our forecasts," Purnomo told reporters at the World Energy Congress in Sydney. "There is enough oil in the market," said Purnomo, who is also Indonesia's mines and energy minister. OPEC oil ministers are set to meet in Vienna later this month to discuss ways to bring prices down. The current production estimate includes oil from Iraq, Purnomo said. "The problem with Iraqi production is that there is disturbance _ it is on and off _ but their target is 1.9 million to 2 million (barrels)," he said. --MORE 1127 Local Time 0827 GMT
