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The oil market has not yet stabilised, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday, but added that the measures implemented by OPEC have been successful in raising crude prices.
“The market is not stabilised yet for several reason including the coronavirus outbreak … But OPEC has taken good measures,” Zanganeh said.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, agreed record output cuts to tackle the fallout from the COVID-19 pandemic.
The comments came after OPEC+ began a virtual meeting on Wednesday to review the compliance levels.
