Oil Falls As OPEC Struggles For Deal To Raise Output

Global benchmark Brent crude fell more than 2% on June 21 ahead of a meeting of OPEC, where producers were expected to boost output to stabilize prices.

OPEC, however, was struggling to agree on raising output, with Saudi Arabia warning of supply shortages and price rallies but Iran holding out against a deal at the group’s meeting on June 22.

Iranian Oil Minister Bijan Zanganeh said he still believes OPEC cannot reach a compromise decision.