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  • 05-12-20

    Iranian Oil Minister says OPEC+ decision to have influential effect on market

    (MENAFN)Iranian Oil Minister BijanNamdarZanganeh stated that, OPEC+ approved to relieve its oil-output cuts from 7.7 million barrels per day (bpd) to 7.2 million bpd in January next year, down 500,000 bpd, he added that it was an wise decision.

    Zanganeh completed the remarks after the 12th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members (known as OPEC+) took place on Thursday, adding OPEC+ meetings require to be held monthly to come to a decision on the curbs for further months.

    Zanganeh declared that, "The current decision has been made only for one month and further changes and decisions will be made in the upcoming months."

    He further said that, "What is important is that we negotiate and have the patience to reach a conclusion."

    MENAFN05122020000045011369ID1101237374

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