Iranian Oil Minister Begin Zenga described the “OPEC” meeting as one of the worst meetings he saw in the organization’s history.
Begin Zangha noted that some OPEC members were insisting that independent producers join production cuts.
Zangha added that private negotiations took place for 6 hours, but Russia and Saudi Arabia were unable to reach an agreement.
The Iranian oil minister said that another meeting will be held soon between OPEC members and independents, explaining that it will be difficult due to health concerns about the Corona virus.
He added, “But agreements can be reached through a videoconference.”
Earlier, an OPEC source said today, Friday, to Reuters that the OPEC + meeting had ended and that the coalition had not reached an agreement.
Two sources in “OPEC” told Reuters that the organization and its non-member producers had failed to agree to extend the existing production cuts.
This comes at a time when markets fear the decline in global demand for crude oil and higher economic growth in light of the spread of the Corona virus in the world.