OPEC had proposed cuts of 1.5 million barrels per day (bpd) in addition to cuts already in place, a move Russia resisted.

Iran is ready for any cooperation and exchange of experiences to eradicate this novel virus.

Oil extended its slide from the lowest close in more than two years as investors wait for a Russian response to OPEC’s plan for deeper and longer cuts to offset the demand destruction caused by the coronavirus. Brent closed below $50 for the first time since mid-2017 on Thursday after …

OPEC and its 14 members have agreed to slash production by 1.5 million barrels per day (bpd) through the second quarter of the year to support sagging oil prices. This decision made Thursday was taken ahead of critical talks on Friday with the 10 other oil-producing nations led by Russia …

OPEC ministers expect to hear Russia’s position on crude production cuts on Friday to be able to take a final decision. On Thursday, the cartel agreed an additional reduction of crude oil output by 1.5 mln barrels per day in the second quarter of 2020 by OPEC+ countries to neutralize …

OPEC further slashed its 2020 oil demand growth forecast on Thursday due to the coronavirus outbreak and agreed to new output cuts to offset the collapse in oil demand resulting from the epidemic. Global oil demand growth in 2020 is now forecast to be just 480,000 b/d, down from 1.1 …