Iranian oil minister Bijan Zanganeh. Patti Domm, CNBC
CNBC: OPEC is ‘likely to collapse,’ warns Iran’s oil minister
* Iran’s oil minister warns that OPEC is on the verge of collapse because some members are targeting their fellow producers.
* The remarks come after the Trump administration tightened sanctions on Iran’s oil exports on Thursday.
* The White House says Saudi Arabia and UAE have agreed to offset the drop in supplies, even though OPEC has agreed to cap output through June.
Iran’s oil minister is warning that OPEC is “likely to collapse” because some members of the 14-nation group are working against their fellow producers.
The comment appears to be a thinly veiled reference to Saudi Arabia and the United Arab Emirates. The Trump administration tightened energy sanctions against Iran 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.
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WNU Editor: I doubt that OPEC will collapse. The need for oil will continue for a long time. But OPEC definitely does not have the influence that it once did.
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