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The production cut of 10 million barrels per day (bpd) will be just for May and June,  Iranian Oil Minister Zangeneh explained and added that there will be a production cut of 8 million bpd from July until the end of the year.

“Starting January 2021, there will be a 6 million barrels per day production cut,” Zanganeh further noted.

Market reaction

Crude oil prices continue to push lower on these remarks. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $24.20, erasing 7.35% on a daily basis.