OPEC and non-OPEC cuts deal agreed in April 2020 has reduced global oil supply by 1.6 billion barrels, Zangeneh said, adding OPEC+ will negotiate and decide to maintain market stability.

We held the 180th Meeting of OPEC Conference on Tuesday and we almost reached a consensus on oil output cut but we ended the meeting with an aim to negotiate with OPEC+ members to make decision, he said.

Now OPEC+ meeting is held with its 10 members and I hope we can reach a compromise. OPEC believe that in order to support the current stability in the market, oil output curbs need to increase from the 5.7 million bpd cut agreed previously to start from January 2021, he added.

On the effect of COVID-19 on global economy, he said it is expected global economy would increase from -4 percent to +4 percent which could lead to a higher oil demand in different world’s economic regions. But all these are estimations and we need to wait to see the global economic recovery trajectory that’s why OPEC members insisted that oil output cuts in the first months of 2021 need to be more than the amount agreed in April.

On a question about members’ non-compliance, Zangeneh said the point is to continue with compliance and compensation that is those members that did not decrease their production have to cut the output amount.

We hope we can reach a conclusion tonight, if not, we will discuss again. World issues work through negotiations and patience.