Iran's OPEC governor in coma after suffering 'severe brain haemorrhage'

Iran’s Governor at OPEC, Hossein Kazempour Ardebili, has slipped into a coma after suffering a “severe brain haemorrhage,” Iranian oil ministry said on May 3. The Ministry also added that Ardebili was hospitalized later on May 1, however, provided no further detail. Meanwhile, another anonymous ministry at the ministry has reportedly said that the minister's hospitalization was not related to coronavirus pandemic.

'Was ambassador to Japan' 

Ardebili, who was first recruited as Iran’s governor at OPEC has been a key figure in its Oil industry. He has previously served as country’s deputy foreign minister and deputy oil minister in the 1980s. Apart from that, he has also been Iran’s ambassador’ to Japan in the early 1990s. According to his peer, he is considered a formidable entity who is integral to forming Iran’s position.

Meanwhile, OPEC has said that the ramifications of COVID-19 response resulted in “unprecedented” worldwide oil demand shock. In its monthly market report, the oil cartel said that the demand shock led to massive sell-offs in the global oil markets amid a significant crude surplus. “The oil market is currently undergoing historic shock that is abrupt, extreme and at global scale,” said the group of producer nations.

Read: OPEC Says Oil Market Undergoing 'historic Shock' Due To COVID-19 Mitigation Measures

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According to the report, the world oil demand growth forecast for 2020 has been revised lower by 6.9 million barrel per day to a historical drop of around  6.8 million barrel per day. Similarly, the non-OPEC oil supply is forecast to decline by 1.50 million barrel per day, a downward revision of 3.26 million barrel per day from the previous projection.

Earlier on April 12, OPEC and allies agreed to a historic 9.7 million barrel per day production cut to contribute to the efforts aimed at stabilizing the market. The deal was agreed by all participants after there was a deadlock because of Mexico not giving consent to an earlier deal which proposed a 10 million barrel per day.

With inputs from agencies

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