Iran assumes that OPEC+ is not ready to meet
The OPEC and allies, called OPEC+, were scheduled to hold a video meeting on Thursday to talk about the production. Zanganeh argues that the meeting is being held under “vague circumstances” and that this is worrying. There must first be a clear proposal, which the oil market must also be prepared for, according to the minister.
Russia and Saudi Arabia intend to settle their dispute at that OPEC meeting and agree to a significant cut in production to boost oil prices. The countries previously started a price war that torpedoed the value of oil. The corona crisis was added to this.