The proposal by Russia and several OPEC countries to freeze the level of oil production at the January level is ridiculous. This was stated by the Minister of oil of Iran Bijan Zanganeh, reports Bloomberg.
“This is ridiculous, they propose to freeze the oil and call it with production at the level of 10 million barrels a day while Iran produces 1 million barrels a day,” he said. From his point of view, if Iran will reduce the level of production, “it will bypass much of neighbouring States”.
As noted by Bloomberg, Zanganeh provoked the fall in oil prices. 20:33 MSK April futures for Brent were trading at $33,34 per barrel. It 3,89% lower than at the opening of trading. At a minimum, the price of Brent fell to $33,1, that is, more than 4%. In turn, the price of WTI to 20:35 MSK fell by 4.7% to $31,82/bbl.