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“Coronavirus has led to a decrease in oil demand and to an imbalance between demand and supply, and in this OPEC meeting we will need to discuss this issue,” Iranian Oil Minister Zanganeh said on Thursday, per Reuters citing Shana News Agency.

“The amount of oil production cut is not agreed yet, must be discussed,” Zanganeh added. “We will try to find a way to help the oil market stabilize.”

Crude oil reaction

The barrel of West Texas Intermediate (WTI) edged lower on these comments and was last seen losing 1.15% on the day at $46.60.