Zanganeh to Attend Vienna Oil Meeting

Oil Minister Bijan Namdar Zanganeh will attend a meeting of OPEC and non-OPEC producers in Vienna on Dec. 10 which is aimed to thrash out the details of a historic supply-cut deal struck last month. 

Mohammed Barkindo, OPEC’s secretary-general, announced the meeting plan at a conference in New Delhi last week. The meeting had earlier been due to take place in Moscow, Shana reported. Russian Energy Minister Alexander Novak is also due to attend.  The Organization of the Petroleum Exporting Countries agreed last week to reduce oil output by around 1.2 million barrels per day beginning in January in a bid to reduce global oversupply and prop up prices. 

The group hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd. Natiq Aliyev, the minister of industry and energy of Azerbaijan Republic, and Mohammed bin Hamad Al Rumhi, minister of oil and gas of the Sultanate of Oman will also participate in the Vienna meeting.