June 8, 2012 / 12:35 AM / 7 years ago

Total CEO says oil markets balanced, prices at good level

KUALA LUMPUR, June 8 (Reuters) - The head of French oil firm Total said on Friday oil markets were balanced and there was no shortage of supplies, despite concerns over the impact of Western sanctions targeting Iranian oil exports over its nuclear programme.

“The market is well supplied. There is no shortage,” Total chief executive Christophe de Margerie said at a conference in Malaysia when asked if he was concerned about the loss of Iranian supply on the oil market. (Reporting by Florence Tan and Luke Pachymuthu; Writing by Ed Davies; Editing by John Mair)

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