Iran’s Oil Minister says the oil market is oversupplied but predicts balance between demand and supply will be restored, Iranian state television reported on Monday.

“The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market,” Bijan Namdar Zanganeh was quoted as saying by Iran’s state TV.

A Reuters Survey on Friday showed the Organization of the Petroleum Exporting Countries’ oil output was likely to reach its highest in recent history in July as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks.

Supply from OPEC rose to 33.41 million barrels per day (bpd) in July from a revised 33.31 million bpd in June, according to the survey based on shipping data and information from industry sources.