May 12, 2020, 8:51 PM
Journalist ID: 2374
News Code: 83785665
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Minister: COVID19 did not stop oil production

Tehran, May 12, IRNA - Iran's Oil Minister Bijan Zangeneh elaborated on Petroleum Ministry’s measures in fighting COVID19, saying the ministry has put on its agenda making persistent efforts to prevent stopping oil production.  

Speaking in a meeting with First Vice President Eshaq Jahangiri, Zangeneh said Petroleum Ministry’s measures have been taken in four phases of prevention, readiness, confrontation and returning to normal condition.

He added that all activities of the oil industry like basic repairing of South Pars phases and activities of phases 13, 14 and 21-24 have been resumed.

He referred to severe reduction of the global price of crude and oil byproducts, fall of refineries’ profitability as a result of decreasing demands, decrease in price of petrochemicals as negative impacts of COVID19 on economy.

Earlier, Zangeneh said that the oil market problem cannot be solely solved by the Organization of Petroleum Exporting Countries (OPEC) and it needs a global cooperation, taking into consideration the excessive supply and a decrease in demand along with the uncertainty about the coronavirus pandemic end.

He underlined that estimates had indicated that there would be a 3 million barrels per day of excessive supply in the second quarter of 2020, but in the last OPEC meeting it turned out to be 14 million barrels that meant the coronavirus pandemic had decreased demand by 11 million barrels more than expected.

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