Iran’s OPEC Governor: Crude Could Plunge to $40

Oil prices will plummet to $40 a barrel unless OPEC and its allies cut output significantly, and the group is unlikely to succeed in reviving the market, a senior Iranian oil official said.
Production will need to be reduced by at least 1.4 million …

Oil prices will plummet to $40 a barrel unless OPEC and its allies cut output significantly, and the group is unlikely to succeed in reviving the market, a senior Iranian oil official said. Production will need to be reduced by at least 1.4 million barrels a day to prevent oversupply, Iran’s...