3 December 2020 - 22:25
  • News Code: 310343
Zangeneh: OPEC+ decision was wise

Crude oil output cuts will decrease from previously-agreed amount of 7.7 million bpd to 7.2 million bpd in January 2021, down 500,000 bpd, Iran’s Minister of Petroleum, Bijan Zangeneh, said, adding it was a wise decision.

Zangeneh made the remark after the 12th OPEC and non-OPEC Ministerial Meeting held on Thursday, adding OPEC+ meetings need to be held monthly to decide on the curbs for other months.

However, if further easing was needed, it should not be more than 500,000 barrels per day, he said, emphasizing the decision for future months would depend on crude oil supply and demand in the market.

Due to the uncertainty in the market, monthly meeting could help to maintain market stability and support OPEC and non-OPEC’s objective to create a fair price in the market.

I do not think the decision will have an influential effect on the market in terms of decreasing the prices as producing 500,000 barrels is not a big amount.

News Code 310343

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