The production cut of 10 million barrels per day (bpd) will be just for May and June, Iranian Oil Minister Zangeneh explained and added that there will be a production cut of 8 million bpd from July until the end of the year.
"Starting January 2021, there will be a 6 million barrels per day production cut," Zanganeh further noted.
Crude oil prices continue to push lower on these remarks. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $24.20, erasing 7.35% on a daily basis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.