Iran`s Oil Minister: If Russia doesn`t cut oil production, no agreement to be reached

15:13 - 6.03.2020

March 6, Fineko/abc.az. If official Moscow does not apply restrictions on oil production, there will be no agreement.

According to foreign media, the statement was made by Iranian Oil Minister Bijan Namdar-Zanganeh after the discussion in Vienna.

It should be noted that OPEC wants to reduce oil production by another 1.5 million bpd and extend the agreement until the end of 2020. But OPEC cannot convince Russia of that.

Some cartel members say that if Russia does not join the proposal, the OPEC+ coalition's production restrictions will be completely lifted.

And OPEC Secretary General Mohammed Barkindo said there was no reason to doubt Russia's involvement in the coalition.