Jun 1, 2016, 10:24 AM
Oil Min. en route to Vienna

TEHRAN, Jun. 01 (MNA) – Iran’s Oil Minister Zanganeh will leave Tehran for Vienna today to attend the 169th ordinary meeting of OPEC.

The 169th ordinary meeting of Organization of Petroleum Exporting Countries (OPEC) is scheduled to convene on Thursday June 02 at the OPEC Secretariat in the Austrian capital of Vienna.

Currently, oil market has reached a relatively balanced position and OPEC oil basket price has increased almost five dollars as compared with 168th meeting of OPEC around six months ago.

The meeting seeks to determine OPEC policy for the next six months and to investigate the situation of oil market in addition to elect a new secretary general for the organization.

The new Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih will experience his first attendance at the OPEC meeting.

Numerous domestic and foreign experts believe that OPEC producers will not reach any conclusion on the return of quota system during the upcoming summit and member states will retain their preferred production level.

According to reports, OPEC member states have produced 32.439 million oil barrels a day in April.

Saudi Arabia by producing 10.125 million barrels a day is the largest producer in the world and then Iraq and Iran by producing 4.354 and 3.451 million barrels a day, respectively ranked second and third among world oil producers.

Iran had previously announced the plan to regain its share in the global oil market following the removal of sanctions.

 

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News Code 117022

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