Iranian Oil Minister Bijan Zanganeh said that Iran will support further cuts to OPEC+ production.
“How much they cut, we will support,” he said. “Anything that the majority reaches, we support. We support those who want to decrease.”
Fears that the coronavirus outbreak could dent global demand for oil has seen oil prices dip to $54 per barrel of Brent crude. However, Zanganeh noted that the outbreak would impact Saudi Arabia and Russia more than Iran.
He stressed that if an early ministerial meeting was to be held, an agreement should be made prior to the meeting. “If there is no prior agreement, it would be futile to attend a meeting without an agreement, as this would help lower oil prices in the global market,” he said.
He added that the amount of cuts to be made by each producer would not be calculated simply using mathematics, and would have to be done case by case, as “each country has its own reasons for reducing its output, which is complicated.”
