IAEA urged Iran to provide access to suspected nuclear sites:
United Nations atomic watchdog International Atomic Energy Agency (IAEA) urged Iran to cooperate immediately and fully with the nuclear agreement with world powers at the quarterly meeting of IAEA`s 35-member Board of Governor. IAEA asked Iran to provide access to two locations of the nuclear sites in January 2020. Iran failed to engage in substantive discussions to clarify IAEA`s questions. The organization also stated that it did not observe any changes to Iran`s implementation of its nuclear-related commitments since January.
Iran nuclear deal:
Iran nuclear deal is also known as the Joint Comprehensive Plan of Action (JCPOA). In 2015, Iran agreed to a deal on its nuclear program with the P5+1 group of world powers. The P5+1 countries are the US, UK, France, China, Russia, and Germany. Under the deal, Iran acceded to a 10-year restriction on nuclear production. On 8 May 2018, the United States withdrew from the deal. In January 2020, Iran withdrew from the Iran nuclear deal after the US targeted strike that killed Iran`s Quds Force Commander Qassem Soleimani in Iraq.
International Atomic Energy Agency (IAEA):
IAEA was established on 29 July 1957. It is headquartered in Vienna, Austria. IAEA has 171 members states. The organization aims to promote the peaceful use of nuclear energy. It also takes initiatives to inhibit the use of nuclear energy for military purpose, including nuclear weapons.
Saudi Arabia slashed oil prices after OPEC plus meeting fails to make a deal:
Oil prices plunged by 20% after the Organization of the Petroleum Exporting Countries` (OPEC) failure to make a deal with its allies regarding production cuts. The meeting OPEC+ that was held between OPEC and its allies concluded with no deal on additional production cuts.
Highlights:
♦ Saudi Arabia slashed oil prices. The country announced massive discounts on the official selling prices for April. It is preparing to increase its production above the 10 million barrel per day mark.
♦ Saudi currently pumps 9.7 million barrels per day. But it can generally ramp up to 12.5 million barrels per day.
♦ After the move by the Kingdom, Brent oil was down nearly 10% at $45.27.
OPEC+ meeting:
The 178th Extraordinary Meeting of the Conference of OPEC was held in Vienna, Austria, on 5 March 2020. It was held under the Chairmanship of its President, HE Mohamed Arkab, Minister of Energy of Algeria and Head of its Delegation. The Conference considered the withdrawal of Ecuador from OPEC, with effect from 1 January 2020.
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