1 July 2019 - 01:05
  • News Code: 290429
Zangeneh Leaving Tehran to Attend OPEC Meeting in Vienna

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh will leave Tehran for Vienna within hours to attend the 176th meeting of the Organization of the Petroleum Exporting Countries (OPEC).

The meeting will be held on Monday, July 1, at OPEC headquarters in Vienna, Austria.

Extending the OPEC+ deal to cut output by 1.2 mbd as well as reducing production by up to 1,800,000 barrels per day are the likely scenarios to be discussed during tomorrow's summit.

The 14 OPEC members will also decide on the new secretary general of the organization; however, most analysts say that Mohammad Barkindo’s post as OPEC secretary general will be extended for another three years.

At the 175th OPEC meeting, 14 members of the organization and their allies decided to reduce their crude oil output by 1.2 mbd to restore the prices and balance the market for a six-month period; a decision that was implemented on January 1, 2019.

News Code 290429


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