Iran has no plan to decrease oil production
Baku, Azerbaijan, Nov. 26
By Umid Niayesh - Trend:
Iran's oil minister, Bijan Namdar Zanganeh said that Iran has no plan to decrease its crude oil production, Iran's Mehr news agency reported Nov. 26.
However the Iranian minister said that the Organization of the Petroleum Exporting Countries (OPEC) should be committed to its agreed output ceiling.
Zanganeh made the remarks at Austrian capital city of Vienna ahead of OPEC members meeting.
The 166th ministerial meeting of OPEC is scheduled to be held in Vienna on Nov. 27, to discuss sharp reduction in oil prices.
Oil prices on the world markets continue to fall on the threshold of OPEC meeting and after the failure of four oil producing countries to reach an agreement over the output cut.
On Nov. 25, the representatives of Saudi Arabia, Russia, Mexico and Venezuela held four-way talks in Vienna, where they agreed to coordinate their actions on the oil markets and to meet once again after three months. However, they failed to reach a general agreement on the cut of output.
Iran has reportedly negotiated with at least five members of the 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 is a Vienna-based intergovernmental organization of 12 oil-producing countries, which groups Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
OPEC members pump about 40 percent of the world's oil with Iran being currently the organization's fifth-largest oil producer.