After his meeting with OPEC Secretary General Mohammed Barkindo in Tehran yesterday, the Iranian Oil Minister Bijan Zangeneh said "OPEC is being threatened due to unilateralism by certain members and this organization is likely to collapse,” Last Thursday the U.S. announced it was ending sanctions waivers for Iran's top oil buyers, while President Trump said that the UAE and Saudi Arabia (both OPEC members) will increase oil production to cover any gap in global oil supply expected after ending Iran sanctions waivers.

Iran’s Oil Minister Warns OPEC is “likely to collapse”

Posted On: May 3, 2019

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After his meeting with OPEC Secretary General Mohammed Barkindo in Tehran yesterday, the Iranian Oil Minister Bijan Zangeneh said “OPEC is being threatened due to unilateralism by certain members and this organization is likely to collapse,”

Last Thursday the U.S. announced it was ending sanctions waivers for Iran’s top oil buyers, while President Trump said that the UAE and Saudi Arabia (both OPEC members) will increase oil production to cover any gap in global oil supply expected after ending Iran sanctions waivers.