Iran supports unanimous OPEC output cut plan

Iran supports deeper crude oil cuts by the Organisation of the Petroleum Exporting Countries (OPEC).

As reported by Reuters, Iran supports deeper crude oil cuts by the Organisation of the Petroleum Exporting Countries (OPEC) if a majority of members agreed with it, Oil Minister Bijan Zangeneh was quoted as saying by the Iranian energy news website Shana.

A technical panel, known as the JTC, that advises OPEC and its allies led by Russia - a grouping known as OPEC+ - proposed on Thursday a provisional cut of 600,000 barrels per day (bpd), three sources told Reuters.

OPEC producers in OPEC+ are currently discussing whether to meet earlier than their scheduled gathering in Vienna on March 5-6.

Market implications

The price of oil has been a sell on rallies while the black gold continues to suffer in a fifth weekly loss in a row despite strong growth in US employment failed to offset concerns over the coronavirus and the contagion risks to the global economy. OPEC+ ministers are scheduled to meet on March 5-6 and haven’t decided to schedule an earlier meeting, according to reports.