Iran worried about US production before OPEC meeting

AP/Fuel Fix:
Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices.

The meeting of the so-called OPEC+ is scheduled to be held Thursday after officials delayed it following Saudi Arabia criticizing Russia over its comments about the price collapse.

A meeting in March saw OPEC and other nations led by Russia fail to agree to a production cut as the ongoing coronavirus pandemic has drastically cut demand for oil. In the time since, prices have collapsed. International benchmark Brent crude traded Wednesday over $34 a barrel as U.S. benchmark West Texas crude traded under $25.

Iranian state television quoted Oil Minister Bijan Zabganeh as saying he discussed the “method of decision-making” for the meeting Thursday with OPEC's president, as well as his Kuwaiti and Russian counterparts.

“Other producers, including the U.S. and Canada, should participate in this topic and there should be an agreement about production base of each country that is a basis for production cut,” Zanganeh was quoted as saying.
...
Iran is hardly a serious player in the oil market these days because of US sanctions caused by the rogue regimes attempt to produce nuclear weapons.  The US production has been reduced because of the lack of market demand as a result of a stay at home orders to deal with the Chicom coronavirus.  A similar thing is happening in Canada.  It is the excess production by the Saudis and Russians in the face of shrinking demand that is causing the market to plunge even further.

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