Oil price faces downward pressure from the weak economic data from China as well as US. Moreover the manufacturing sector in the two most important oil consumer countries is in a recession, which is increasing fears about the future oil demand. The latest data from the Russia confirmed that, Country hit a new production high in January from 10.80 million bpd to 10.88 million bpd. Such figures are showing the necessity of the further Oil production cut. 

On the other side, there are growing rumours as to whether a meeting will be held between OPEC and non-OPEC states. Russia has already agreed for the production cut if other countries to do so. Iran is also in to this picture after the lifting of sanctions. According to the state-owned Saudi Arabian newspaper al-Hayat, Saudi Arabia firstly wants to know how much oil Iran is bringing onto the market after the lifting of sanctions. It will take around 2 month time duration to know about the exact production of Iran.