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.
FILE PHOTO: Iran's Oil Minister Bijan Zanganeh arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger
Saudi Arabia, Russia and allied oil producers, a group known as OPEC+, will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis, OPEC+ sources said. Global oil demand has dropped by as much as 30%, or about 30 million barrels per day , as measures to reduce the spread of the coronavirus have caused demand for jet fuel, gasoline and diesel to crash.
After the OPEC+ talks, Saudi Arabia will host a video conference on Friday for energy ministers from the Group of 20 major economies to alleviate the effects of the pandemic on energy markets, the group said in a statement on Tuesday.
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