Iran Announced the Threat of Death of OPEC Because of Russia and Saudi Arabia
Zangane also said that Iran would not withdraw from OPEC, but announced an upcoming collapse of the organization. "Iran doesn't leave OPEC, but I am convinced that OPEC is dying. Because of this process", he said, answering the question of how strengthening the power of Russia and Saudi Arabia in the alliance will affect cooperation in OPEC.
June 30 is the last day of the agreement on the freezing of oil production, which the OPEC cartel members, Russia and several other oil producers (a total of 24 countries that are united in the so-called OPEC +) concluded in 2016 and have since been regularly extended. The fate of the deal, the ministers of these countries must decide on Tuesday, July 2.
Countries are likely to prolong the agreement, at least the leaders of the world's largest oil producers, Russia and Saudi Arabia, a leading member of OPEC, agreed on this at the G20 summit in Osaka. Cancellation of the transaction would lead to a rapid increase in production against the background of record production in the United States, which aren't involved in the agreement, and this could bring down oil prices.
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