11:36 GMT02 June 2020
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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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    Tags:
    oil prices, oil market, OPEC, Iran
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