OPEC pegs deeper cuts at Non-OPEC support: Zanganeh

“Yesterday, at the OPEC meeting, we decided to propose to the OPEC+ meeting 1.5 mbd of oil cuts until the end of June; a proposal which was later modified to consider the level of trims until the end of 2020,” said Zanganeh to reporters just minutes before heading to OPEC headquarters in Vienna to join the 8th meeting of OPEC and non-OPEC oil producers.

“OPEC would agree to undergo 1 mbd of the cuts with non-OPEC producers cutting half a million of their output,” he added.

He went on to say, “Right now, I am heading to the OPEC+ meeting, and I hope we will strike a deal in the meeting so that the OPEC proposal could be implemented from the beginning of April. Actually, I suppose it’s going to be a tough meeting but I still hope we will be able to reach an agreement.”

Answering a question about the Russian support from OPEC’s decision, he said, “We need time to consult with each other and to discuss. The concept of the meeting is to discuss with each other and reach an agreement.”

Referring to the coronavirus outbreak in Iran, Zanganeh noted, “We have not received any important assistance from any countries especially from the US. The United States does not allow us to buy drug and food for the Iranian people. Food, oil, oil products, petrochemicals, iron, copper are affected by sanctions.”

“The virus hasn’t had a considerable effect on the Iranian economy so far,” he said.

MNA/SHANA