Iran: OPEC meetings needs clear plan

Iran does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcomes from such talks, its oil minister has said.

“The vague circumstances around which the upcoming OPEC and non-OPEC ministerial [meeting] is being organised is of grave concern to me,” Bijan Zanganeh wrote in the letter yesterday. The correspondence was addressed to the Algerian oil minister who holds the presidency of OPEC.

OPEC+ is due to hold a video conference tomorrow in an effort to buoy oil markets after oil prices plummeted as a result of Saudi and Russia failing to agree on a reduction in oil production last month.

READ: Should Russia really declare an oil price war against the Middle East?