OPEC meeting among group's 'worst ever': Iran's Zangeneh
Iran’s Minister of Petroleum Bijan Zangeneh says an OPEC meeting on Friday was one of the group’s “worst ever” after it failed to reach an agreement on more oil cuts.
“This OPEC summit was among the worst meetings I have ever seen during the history of this organization,” Zanegneh told reporters. “It was a pretty difficult session which had almost no outcome.”
OPEC, Russia and other producers, a group known as OPEC+, failed to agree on purposed oil cuts on Friday.
The proposal sought an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020 to adjust crude prices to falling international energy demands following the global coronavirus outbreak.
Russia, a non-OPEC member, however, argued that it was too early to predict the impact of the outbreak.
Speaking on Friday, Zangeneh whose country is a member of OPEC but exempted from any oil curbs, said the summit failed due to disagreements specifically between Saudi Arabia and Russia.
“Six hours of private negotiations took place but Russia and Saudi Arabia weren’t able to reach a conclusion,” he said.
“Certain members of OPEC insisted that non-OPEC members had to participate in the oil production cuts, which they, in return, did not accept,” he added.
Zangeneh stressed that parties participating in the negotiations should be flexible, adding that “otherwise everyone will face negative consequences”.
The Iranian minister stressed that oil cuts previously agreed to by OPEC members had also not been extended due to the failure of the session.
Zangeneh said holding another meeting soon between OPEC and non-OPEC members will be difficult because of coronavirus health concerns but agreements can be reached by videoconference.
The Friday summit had also sought the extension of a 2.1 million bpd oil cut previously agreed by the OPEC + members, meaning the proposed total of the cuts envisaged on Friday would have been 3.6 million bpd or about 3.6% of global supplies.
The existing oil cut, however, will expire in March, allowing OPEC+ members to pump at will in an already oversupplied market.
News of the OPEC summit’s failure has since sent the price of benchmark crude into a tailspin, with oil prices down more than 6% at $47 per barrel on Friday.
Iran’s oil exports to China won’t drop because of Trump: Expert
Iran launches renovation project at its main oil export terminal
Iran says it hit record daily gas production in South Pars
VIDEO | Former FBI agent criticizes US Congress for 'outright corruption'
IRGC chief urges Muslim countries to cut aid routes to Israel
'New chapter in cooperation': Iran, Venezuela sign new MoUs
Jordan sentences former lawmaker for supporting Palestinian resistance
Basij volunteer forces hold massive drills in southwestern Iran
Israeli war criminals 'not welcome', US city says after ICC ruling
US vetoing of Gaza ceasefire resolution ‘disgraceful’: Iran’s UN envoy
VIDEO | IAEA adopts anti-Iran resolution tabled by E3
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
