Zangeneh: OPEC's March 6 meeting one of worst in its history

Iran's Petroleum Minister Bijan Zangeneh said that joint ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC which ended on Friday with no consensus, was the worst in its history.

It was a very difficult session and ended without any result, he said, noting that production cut approved in December was not renewed at the meeting. The market needs production cut and agreement.

Six hours of private talks took place, but Russia and Saudi Arabia failed to reach a conclusion. Negotiations should be flexible, otherwise everybody will suffer, he said.

Zangeneh added that some OPEC members insisted that countries that were not members of the organization to participate in the production cut but they refused.

On Thursday, OPEC members issued a statement proposing to cut 1.5 million barrels of oil per day to prevent negative impacts of coronavirus outbreak on world markets.

News Code 191609

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