Wednesday 8 April 2020

Iran says US oil production must be known before OPEC+ call

Iran says US oil production must be known before OPEC+ call:

Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices.

The meeting of the so-called OPEC+ is scheduled to be held Thursday after officials delayed it following Saudi Arabia criticizing Russia over its comments about the price collapse.

A meeting in March saw OPEC and other nations led by Russia fail to agree to a production cut as the ongoing coronavirus pandemic has drastically cut demand for oil. In the time since, prices have collapsed. International benchmark Brent crude traded Wednesday over $34 a barrel as U.S. benchmark West Texas crude traded under $25.

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