OPEC is 'likely to collapse,' warns Iran's oil minister

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OPEC is 'likely to collapse,' warns Iran's oil minister
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Iran's oil minister says OPEC is 'likely to collapse' because some members are targeting their fellow producers, apparently referring to Saudi Arabia.

on Thursday, and the White House says the Saudis and Emiratis will work with the U.S. to offset the anticipated drop in Iranian oil supplies.

"I told Mr Barkindo that OPEC is being threatened due to unilateralism by certain members and this organization is likely to collapse," Zangeneh said.'s oil exports by about 1 million barrels per day. On Thursday, the Trump administration stopped granting sanctions waivers to some of Iran's biggest customers. Analysts now expect Iran's exports to fall by another several hundred thousand barrels per day.

OPEC and its oil market allies, including Russia, meet on June 25-26 on 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.

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