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

Zangeneh: OPEC's March 6 meeting one of 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.
Source: IRNA