Iran, Libya, Venezuela To Be Exempt From Obligation To Cut Oil Output - Minister

Iran, Libya, Venezuela to Be Exempt From Obligation to Cut Oil Output - Minister

TEHRAN (UrduPoint News / Sputnik - 09th April, 2020) Iran, Libya and Venezuela will be exempt from the need to reduce oil production if the new OPEC+ deal to stabilize the situation on the oil market is agreed, Iranian Petroleum Minister Bijan Zangeneh said on Thursday.

"Of course, Iran, Libya and Venezuela, due to existing problems, will be excluded [from the obligations to reduce production]," Zangeneh told the Shana news agency.

Zangeneh said that OPEC+ states could reduce production by a total of 10-12 million barrels per day in May-June, by 8 million barrels per day from July to the end of 2020, and by 6 million barrels per day from January to April 2021.