Senior officials from Iran and Libya have claimed that the global market for crude oil is oversupplied and have called on Opec to consider curbing production. The oil producers' cartel meets in Vienna tonight and will consider how to respond to a 27 per cent slide in the price of a barrel of crude since July 11, when it hit a record of more than $147. Hardliners, such as Shokri Ghanem, chairman of Libya's National Oil Corp, are pressing for Opec to lower production to put a floor under possible further price falls. “There is a lot of oil in...
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