Iranian OilMin: Oil production should be cut by at least 500,000 bpd

"Based on the recommendations of the OPEC+ Joint Technical Committee (JTC), the oil production should bu but by at least 500,000 barrels per day," Iranian Oil Minister Zanganeh said on Wednesday, Reuters reported citing Shana News Agency.

"Russia will resist until the last moment against reducing crude output," Zanganeh added. "The oil market is facing a surplus. It's necessary for OPEC, non-OPEC to put efforts together to balance the market."

Crude oil reaction

The barrel of West Texas Intermediate (WTI) pulled away from its daily highs on these comments and was last seen trading at $47.45, adding 0.8% on a daily basis.