Oil min. to attend OPEC, non-OPEC meeting
Iran’s Oil Minister Bijan Zanganeh will participate at meeting between OPEC and non-OPEC nations to be held in Vienna on Dec. 10.
On November 30, members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to reduce global oil output by 1.2 million barrels per day as of January 2017 in an attempt to minimize global oversupply and boost prices.
Non-OPEC nations are also expected to contribute an output cut of 600,000 barrels per day (bpd) 300,000 of which will be undertaken by Russia.
The document to finalize the finalize the global oil output-limiting pact is scheduled to be inked on December 10 in Vienna.
Brent crude oil price popped up by 6% following the OPEC accord last week though the figure is expected to rise further upon finalizing the agreement during the upcoming meeting.
Oman's Oil Minister Mohammad bin Hamad bin Saif al-Rumhi had also previously announced his intention to attend the meeting between OPEC and non-OPEC members in the Austrian capital.
The Omani oil official had stated the OPEC’s decision urged about 3 to 4 per cent of reduction in his country’s aggregate output, a figure which is lower than what they had announced readiness for.
Azeri Energy Minister Natiq Aliyev plans to visit Vienna on Dec. 10 to take part in a meeting.