OPEC ‘likely to collapse,’ warns Iran’s oil minister

Iran oil minister Bijan Zangeneh, has warned that  OPEC is on the verge of collapse because some members are targeting their fellow producers.

“I told OPEC Sec Gen Mr Barkindo that OPEC is being threatened due to unilateralism by certain members and this organization is likely to collapse,” Zangeneh said

The remarks come after the Trump administration tightened sanctions on Iran’s oil exports on Thursday. The comment appears to target Saudi Arabia and the United Arab Emirates.

The Trump administration this week increased sanctions against Iran and also revealed that the Saudis and Emiratis will work with the U.S. to offset the anticipated drop in Iranian oil supplies.

OPEC and its oil market allies, including Russia, are scheduled to meet on June 25-26 in Vienna to decide whether to extend their deal to limit oil supply, which has been in place since January and expires at the end of June.