Coronavirus Collapses Oil Demand in China by 20%
The head of the Iranian Ministry of Oil, Bijan Namdar Zangane, also announced the impact of coronavirus on the world oil market, the Iranian news agency reported. According to the minister, the spread of infection in some cases led to the suspension of a number of industries and the closure of transport links, which caused a drop in oil demand. Zangane noted that a decline in demand in the face of continued supply always leads to a drop in prices.
"The oil market is under pressure, prices fell by more than $ 5 per barrel, efforts are needed to balance the situation", the minister said, noting that Iran will not negotiate to reduce production due to the sanctions imposed on it.