DUBAI, April 8 ― Iran does not agree with holding any Opec+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, its oil minister said in a letter to Opec and seen by Reuters. “The vague circumstances around which the upcoming Opec and non-Opec...
Wednesday, 08 Apr 2020 02:06 PM MYT
“The vague circumstances around which the upcoming Opec and non-Opec ministerial is being organised is of grave concern to me,” the minister, Bijan Zanganeh, wrote in the letter dated April 7 and addressed to the Algerian oil minister, who holds the presidency of Opec. Opec+ is due to hold a video conference tomorrow at 1400 GMT, after US President Donald Trump said last week that Riyadh and Moscow had agreed to cut an unprecedented 10 million to 15 million barrels per day, or about 10 per cent to 15 per cent of global supply. He has not committed to any action by US companies.
While Saudi Arabia, Russia and other members of the Opec+ group have expressed a willingness to return to the bargaining table, they have made their response conditional upon action by the United States and other countries that are not members of Opec. No agreement has been formalised.
Riyadh and Moscow are trying to overcome the rancour stemming from talks in March, when a deal to extend production cuts fell apart.
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