Iran's oil minister says more output cuts may be needed
DUBAI (Reuters) - Oil producer countries may have to cut output more than the record amount already agreed to tackle an 'unprecedented' slump in prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Wednesday by the ministry's website SHANA. OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producing nations, has partnered with other oil-pumping countries including the United States to cut supply by around 20 million barrels per day.
DUBAI (Reuters) - Oil producer countries may have to cut output more than the record amount already agreed to tackle an "unprecedented" slump in prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Wednesday by the ministry's website SHANA.
OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producing nations, has partnered with other oil-pumping countries including the United States to cut supply by around 20 million barrels per day.
However, the unprecedented deal to withdraw about 10% of global supply already looks inadequate when demand has plunged by as much as 30% due to the economic fallout from the coronavirus pandemic, and the world is possibly just weeks away from running out of storage space for surplus oil.
"If necessary, all producer countries, whether OPEC, non-OPEC and those countries that have not undertaken any commitments so far ... have to take more actions to overcome this international crisis," said Zanganeh.
He said oil producer countries should respect crude production cuts aimed at stabilising the oil market.
"Calm would be gradually restored in the oil market if the output cut agreement is fully implemented ... if they want to survive, all producer countries should work together on this issue," Zanganeh told state TV.
"What is important is that the market has not apprehended the amount of oil output cut as adequate to address the market situation, state of reserves and demand conditions as well as the uncertainties over the new coronavirus crisis."
Brent crude oil rose 8.4% on Wednesday, as prospects for extra pledges from major producers to cut output prompted a sharp turn up off a session low that had seen the global benchmark fall below $16 a barrel to its lowest since 1999.
(Writing by Parisa Hafezi; Editing by Toby Chopra and Mark Potter)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.