Iranian Oil Minister: Our country is exempt from any reduction in oil production

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Iranian Oil Minister, Begin Zangana, stressed that Iran, Libya and Venezuela will remain, as they were, exempt from any production cut of the Organization of Petroleum Exporting Countries (OPEC).

She reported Agency “Fares”, this morning, Friday, that zangana was made clear after the end of the ministerial meeting of the 178 countries of the organization in Vienna, yesterday, Thursday, which discussed the conditions of the faltering oil markets due to the outbreak Corona Virus And weak demand, that OPEC will propose to its allies (independent producers) to reduce 1.5 million barrels in the second quarter of 2020.

Pointed out Iranian Oil Minister OPEC will cut one million barrels and independent producers from outside the organization by 500,000 barrels, subject to the approval of the latter two.

In a related context, she embraced OPEC countriesYesterday, Thursday, a recommendation to approve in the meeting of the “OPEC +” coalition, today, Friday, an additional reduction in production in the second quarter by 1.5 million barrels per day with a return in the second half to the current terms of the deal.

OPEC stressed that it is ready to reduce production by one million barrels per day, and suggests to the allies in the “OPEC +”, that they take on the remaining 500 thousand barrels, including Russia.

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