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Zanganeh to Attend Opec Meet

Zanganeh to  Attend Opec MeetZanganeh to  Attend Opec Meet

Oil Minister Bijan Namdar Zanganeh is scheduled to set off for Vienna, Austria, on Wednesday to attend the upcoming meeting of the Organization of Petroleum Exporting Countries.

OPEC ministers are set to discuss the global crude market on Thursday, which has shown signs of recovery in recent weeks, buoyed by unexpected production cuts in Canada and Nigeria, though analysts predict the meeting will end without any major outcome, Shana reported.

OPEC’s last meeting in December ended in a stalemate as the 13-member organization, led by top exporter Saudi Arabia, failed to reach an agreement to freeze production.

OPEC and non-OPEC producers, including Russia, gathered in Qatar on April 17 in a rare emergency meeting to place a cap on crude production to shore up prices, but the meeting ended in acrimony after Saudi Arabia refused to join the pact.

Financialtribune.com