Oil

Iranian Minister of Petroleum Bijan Zangeneh says OPEC had decided to wait for an agreement of non-OPEC allies to consider major cuts in the group’s output to shore up oil prices.

Iranian Minister of Petroleum Bijan Zangeneh says OPEC+ could reach an agreement to consider deeper cuts in the group’s output before the end of March.

A sharp drop in aviation and transport demand has sent prices down by a third since January.

The most immediate pain is likely to be felt in the US shale industry.

oil producers at OPEC had uniformly proposed a major cut in the group’s crude oil output, but waited for non-OPEC allies.

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

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 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 …

Iranian Oil Minister Bijan Namdar Zanganeh said that oil market is facing oversupply and termed balance between supply and demand in favor of both producer and consumer.

Iranian Minister of Petroleum Bijan Zangeneh says there is an oversupply in the crude oil market, saying OPEC and non-OPEC producers need to discuss how to ensure market balance.