Iranian OilMin: One of worst meetings I've seen in history of OPEC

"There were six hours of private negotiations but Russia and Saudi Arabia could not reach an agreement," noted Iranian Oil Minister Zanganeh following the OPEC+ meeting in Vienna on Friday.

"This was one of the worst meetings I've seen in the history of OPEC," Zanganeh added. "Some members of OPEC were insisting that non-OPEC join production cuts."

Oil reaction

These comments were largely ignored by the market participants. The barrel of West Texas Intermediate was last seen trading at $42.33, erasing 7.9% on a daily basis.