The latest news and views about Organisation of the Petroleum Exporting Countries (OPEC)
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Iran’s oil minister says the US withdrawal from the 2015 nuclear deal in May 2018 deprived his country from exports of around two billion barrel of oil, worth some 120 billion dollars.
Iranian Petroleum Minister Bijan Namdar Zangeneh, who is visiting Moscow to discuss the latest developments in the global oil market, says it is still too early to talk about Tehran’s return to the market.
The Iranian petroleum minister says Iran, along with Libya and Venezuela, has been exempted from cutting oil output as they are under sanctions.
The OPEC Fund for International Development has approved $500,000 in funding for Iran to help the country in its fight against the coronavirus.
Iranian Petroleum Minister Bijan Zangeneh says an OPEC meeting on Friday was one of the group’s “worst ever” after it failed to reach an agreement on more oil cuts.
Iranian Minister of Petroleum Bijan Zangeneh says a US bid to cut Iran’s oil exports to zero is a “pious hope,” warning countries using oil as a weapon about repercussions of further volatility in the global market.