Coronavirus has no effect on Iran's oil production

The outbreak of novel coronavirus has not affected Iran's oil production, Iran’s oil minister Bijan Namdar Zanganeh said on the sidelines of the OPEC meeting.

"It has had no effect on Iran's oil production and we are producing as before. Of course, we have seen a decline in transportation and consumption inside cities," he said.

According to Zangeneh, OPEC+ panel, the Joint Technical Committee (JTC), has recommended a cut of at least 500,000 bpd in the second quarter.

"The oil market is currently facing a surplus in supply due to the spread of the coronavirus. It is imperative that OPEC and non-OPEC producers do their best to balance the oil market," Fars News cited the minister as saying.