Iran’s oil minister has warned that the future of OPEC is in jeopardy over the growing dominance of Saudi Arabia and Russia in the cartel’s affairs.

The oil group and its allies are on course to extend production cuts of 1.2 million barrels per day (bbl/d) to next year, after Iran said it would not block a deal struck at the weekend between Russian president Vladimir Putin and Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman.

But Bijan Zanganeh, Iran’s oil minister, warned that the future of the oil producers’ group was in the balance as the Saudi-Russia alliance was increasingly sidelining traditional members.

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