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Iran’s oil minister leaves Tehran for Vienna to attend OPEC meeting

Business Materials 26 November 2014 13:44 (UTC +04:00)


Tehran, Iran, Sept. 27

By Milad Fashtami - Trend:

Iranian Oil Minister Bijan Namdar Zanganh left Tehran for Austrian capital, Vienna to attend the meeting of the Organization of the Petroleum Exporting Countries (OPEC).

The 166th (ordinary) OPEC meeting is scheduled to be held on Nov.27.

Iran has reportedly negotiated with at least five members of the Organization of the Petroleum Exporting Countries (OPEC) to reach an agreement over the global management of oil prices, ahead of the meeting.

Qatar, Kuwait, Venezuela, Iraq, and Ecuador are the mentioned five countries. OPEC has twelve member countries.

The falling trend of oil price in global markets has hit the oil producing countries hard.

Iran is expected to face a budget deficit in the current Iranian calendar year (to end March 20, 2015), due to the sharp fall in oil prices. The country has decided to sell its crude oil to Asia in November at the biggest discount in almost six years.

The decision was made after Saudi Arabia cut prices for all grades and to all regions for November. Qatar and Iraq decreased their prices.

Iranian media reported on Oct. 17 that the country's President Hassan Rouhani ordered the Oil Ministry to take measures to prevent falling of oil prices by using diplomatic leverages.

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