Opec summit Archives - Iran News Daily https://irannewsdaily.com/tag/opec-summit/ Mon, 09 Mar 2020 09:02:48 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.4 https://irannewsdaily.com/wp-content/uploads/2020/04/cropped-iranlogo-32x32.png Opec summit Archives - Iran News Daily https://irannewsdaily.com/tag/opec-summit/ 32 32 Iran Ex-OPEC Envoy Predicts More Crash in Oil Prices https://irannewsdaily.com/2020/03/iran-ex-opec-envoy-predicts-more-crash-in-oil-prices/ https://irannewsdaily.com/2020/03/iran-ex-opec-envoy-predicts-more-crash-in-oil-prices/#respond Mon, 09 Mar 2020 09:02:48 +0000 https://irannewsdaily.com/?p=107205 TEHRAN (Iran News) – Iran’s former ambassador to the Organization of the Petroleum Exporting Countries (OPEC) said the global oil prices will probably continue to decline, which would be to the detriment of Saudi Arabia. In an interview with Tasnim, Mohammad Ali Khatibi, the ex-OPEC envoy from Iran, said the outbreak of the coronavirus that has […]

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]]> TEHRAN (Iran News) – Iran’s former ambassador to the Organization of the Petroleum Exporting Countries (OPEC) said the global oil prices will probably continue to decline, which would be to the detriment of Saudi Arabia.

In an interview with Tasnim, Mohammad Ali Khatibi, the ex-OPEC envoy from Iran, said the outbreak of the coronavirus that has dampened global demands for oil and the recent unfruitful OPEC+ meeting caused the oil to prices nosedive.

The oil market has become uncared for, he said, adding that the prices will not be corrected as long as there is no management.

Predicting a further decline in the prices, Khatibi said every country is now producing as much oil as it wants to.

He also noted that Saudi Arabia is one of the parties bearing the brunt of such a drop in the oil prices, saying that the “price war” between Saudis and Russians seems to go on.

The former Iranian envoy also did not rule out an emergency meeting of OPEC in the near future.

Oil prices have plunged dramatically after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.

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]]> https://irannewsdaily.com/2020/03/iran-ex-opec-envoy-predicts-more-crash-in-oil-prices/feed/ 0 Iran’s Zanganeh in Vienna to attend 178th OPEC meeting https://irannewsdaily.com/2020/03/irans-zanganeh-in-vienna-to-attend-178th-opec-meeting/ https://irannewsdaily.com/2020/03/irans-zanganeh-in-vienna-to-attend-178th-opec-meeting/#respond Wed, 04 Mar 2020 12:01:58 +0000 https://irannewsdaily.com/?p=107007 TEHRAN (Iran News) – Iran’s Oil Minister Bijan Namdar Zanganeh arrived in Vienna on Wednesday to take part in the 178th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) will be held on March 5. The oil producers are expected to discuss how to stop the fall in oil […]

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]]> TEHRAN (Iran News) – Iran’s Oil Minister Bijan Namdar Zanganeh arrived in Vienna on Wednesday to take part in the 178th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) will be held on March 5.

The oil producers are expected to discuss how to stop the fall in oil prices seen over the last two months due to coronavirus.

In December 2019, the OPEC+ group agreed to cut production by an additional 500,000 barrels per day through to the end of March 2020.

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