7/1, 6:40 AM (Source: TeleTrader)
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Iran: Some OPEC members adopted hostile path

Iran's Oil Minister Bijan Namdar Zanganeh (pictured) stated on Monday that some members of the Organization of the Petroleum Exporting Countries (OPEC) have taken a hostile path toward his country. The minister added that cooperation with non-OPEC nations is "meaningless" if there isn't unity among the oil cartel's members.

Iran's comments come ahead of a highly-anticipated meeting of OPEC and non-OPEC oil producing nations scheduled for Tuesday in Vienna. At the G20 summit in Japan over the weekend, Russia and Saudi Arabia agreed on the need to extend oil production cuts for at least six more months and possibly into early 2020. Saudi Energy Minister Khalid al-Falih said that the deal with Moscow within the OPEC+ format will serve to stabilize oil markets.

Breaking the News / FH