The United States is on track to cut 1.7 million barrels of oil production per day, according to Reuters calculations of state and company data shared on Thursday.
Iran’s Oil Minister Bijan Namdar Zanganeh said the OPEC cannot solely handle the current market issues.
First Vice President Es’hagh Jahangiri said on Tuesday that due to the US sanctions, Iran is in readiness for coping with the unprecedented drop in oil prices.
Iran's former OPEC governor Mohammad Ali Khatibi believes if oil exporting countries do not respect their deal, the oil price may fall further.
Iran Oil Minister says Iran, along with Libya and Venezuela, has been exempted from cutting oil output as they are under sanctions.
OPEC, Russia and other oil-producing nations agreed on Sunday to cut output by a record amount, representing around 10 percent of global supply.
Iran oil minister consulted with several foreign officials about plans to restore stability to the global oil market ahead of a meeting between OPEC and its allies.
OPEC announced that volume of oil production in Iran as of February 2020 hit 2.080 million barrels per day (bpd).
Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow's overtures for new talks.
Iran’s former ambassador to the Organization of the Petroleum Exporting Countries (OPEC) said the global oil prices will probably continue to decline.