01:31 GMT +318 July 2019
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    The press conference room of the OPEC (Organization of the Petroleum Exporting Countries) is seen at the organization's headquarter on the eve of the 164th OPEC meeting in Vienna, Austria on December 3, 2013

    Iran Petroleum Minister: Emergency OPEC Meeting Risks Hurting Oil Market

    © AFP 2019 / ALEXANDER KLEIN / FILE
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    The Organization of the Petroleum Exporting Countries’ (OPEC) emergency meeting ahead of its June summit risks hurting the oil market without a consensus to cut production, Iranian Petroleum Minister Bijan Zangeneh said Saturday.

    MOSCOW (Sputnik) – News emerged this week that OPEC may hold an extraordinary meeting in early March if global oil prices fall below $35 per barrel.

    Despite recovering midweek losses, benchmark oil futures have remained well below the $35 per barrel mark, as of late Friday.

    However, the OPEC is still split on the issue of taking action to stem the free fall.

    "There must be a determination on reaching a decision in such a meeting," Zangeneh said as quoted by Iran’s SHANA petroenergy information network. "Otherwise its convention will have a negative impact on the global crude oil markets."

    "It is imperative that there should be a resolve for change, but we have not received such a signal," Zangeneh said.

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    oil prices, oil market, OPEC, Iran
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