Iran oil minister: Two proposals to reduce OPEC+ oil output by 10 and 11 million bpd

"There are two proposals to reduce the OPEC+ oil output by 10 and 11 million barrels per day (bpd),"  Iranian Oil Minister Zangeneh said on Thursday, as reported by Reuters.

"OPEC+ oil cuts of 10-11 million bpd are apart from the cuts expected of countries such as Brazil, Norway and the United States," Zanganeh added. "Iran, Venezuela and Libya are exempt from production cuts."

Market reaction

Crude oil came under renewed selling pressure on these comments and the barrel of West Texas Intermediate was last seen trading at $24.95, erasing 4.55% on a daily basis.