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5 December 2019 - 23:54
Iran oil minister arrives in Vienna for OPEC meeting

Iran's Oil Minister Bijan Zangeneh arrived in Vienna on Thursday to take part in the 177th meeting of the Organization of the Petroleum Exporting Countries (OPEC).

Zangeneh is scheduled to hold bilateral meetings with the OPEC Secretary-General Mohammed Barkindo and some of other ministers of the OPEC member states.

The oil ministers of the other countries are coming to Vienna gradually since Wednesday.

Oil Ministers of Saudi Arabia, Kuwait, Iraq, and Emirates held meeting with the OPEC secretary-general on Wednesday evening.

OPEC and non-OPEC countries, which have already agreed on reducing production by 1.2 million b/d (about 1.2% of the daily output) until March 2020, are also due to hold a meeting to make decision about the output cuts on Thursday and Friday.

Rystad Energy, the independent energy data firm, has predicted that if the OPEC-Plus meeting fails to decide on the output cuts, the oil price may fall to $40 per barrel.

News Code 191068

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