Zanganeh Will Not Attend Istanbul Oil Talks

Zanganeh Will Not Attend Istanbul Oil TalksZanganeh Will Not Attend Istanbul Oil Talks

Oil Minister Bijan Namdar Zanganeh and his Iraqi counterpart Jabar al-Luaibi's will not attend informal talks between OPEC and non-OPEC producers in Turkey this week, sources familiar with the matter said on Sunday, Reuters reported.

OPEC sources and the Russian energy minister said on Thursday that ministers from the two countries would be among representatives of OPEC states at the meeting in Istanbul, which is hosting the World Energy Congress.

Zanganeh participated in an informal OPEC meeting in Algeria last month to discuss ways to stabilize crude prices which have more than halved since their peak levels in 2014.

For the first time in eight years, the 14-member organization reached an agreement to cut back its collective crude output to around 32.5 million barrels a day, but details of the deal will be announced in OPEC's official meeting on Nov. 30.

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