Dubai — A key Opec minister has warned that the group risks overheating the oil market as crude prices head toward $70 a barrel. "Members of Opec are not keen on increased Brent crude prices above $60 a barrel because of shale oil," Iran oil minister Bijan Namdar Zanganeh said, according to the ministry’s news service Shana. Prices have climbed in recent days because of production cuts and increased demand for petroleum products due to cold weather, he said. While the view isn’t universally held among ministers within the oil cartel, the comments show concerns among some countries that keeping production curbs in place as a strengthening global economy drives demand could spur more output from shale producers in the US. Higher prices also encourage producers to hedge future output, adding to supplies. Opec and allies including Russia agreed in November to extend output cuts to the end of 2018 to reduce global inventories. Iran, Opec’s third-largest producer, isn’t required to cut ou...
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