Petroleum minister participates in joint meeting of OPEC in Vienna

Tehran, Dec 5, IRNA – Minister of Petroleum Bijan Zangeneh is to attend joint meeting of the OPEC and non-OPEC members in Vienna on December 10, 2016. According to the report of Petroleum Ministry on Monday, OPEC member countries reached agreement in their November 30 meeting to cut 1.2 million barrels per day of their output as of January 1, 2017, in order to decrease world oil supply and improve prices on November 30. It was due that non-OPEC member countries also reduce 600,000 barrels a day of their production, of which 300,000 bpd is the share of Russia. Brent crude oil price increased more than 6 dollars per barrel after OPEC agreement in its 171st session and it is expected that by finalizing the agreement on November 10 the oil price will again raise. Already, Oman Minister of Oil and Gas Muhammed bin Hamad al-Rumhi had declared his presence in the joint meeting of OPEC in Vienna. Minister of Energy of Azerbaijan Republic Natiq Aghaami Oglu Aliyev had also announced that in case of invitation, he will attend the joint meeting in Vienna. 1378/IRNA