Baku, Azerbaijan, Nov. 19
By Fatih Karimov – Trend
OPEC members most likely will reach an agreement during the upcoming meeting which is scheduled for Nov. 30, Bijan Namdar Zanganeh, Iran’s oil minister said.
Zanganeh made the remarks following a meeting with OPEC Secretary-General Mohammed Barkindo in Tehran Nov. 19, the oil ministry’s SHANA news agency reported.
He described the meeting as positive, saying the OPEC secretary-general submitted a detailed report about the latest developments among the OPEC and non-OPEC crude oil producers regarding finalization of the Algiers accord on production freeze plan to curb falling crude oil prices in the global oil market.
Zanganeh forecasted that the oil market will experience positive developments in the near future.
“I look at the future positively and I think that we will have better situation in the future,” Zanganeh said.
OPEC and non-OPEC oil producers are working to reach a comprehensive decision during the Vienna meeting, the Iranian minister said, adding that Barkindo has provided him with encouraging information regarding the issue.
Barkindo arrived in Tehran Nov. 19 to discuss global oil market conditions and the upcoming OPEC meeting with Iran’s oil officials.
Members of the Organization of the Petroleum Exporting Countries will meet on November 30 to discuss a proposed production freeze plan in Vienna. OPEC members agreed on the outline of a freeze plan on the sidelines of the International Energy Forum (IEF), which grouped producers and consumers, in Algeria on Sept. 26-28.
A number of officials expressed their certainty over the past few days that the organization’s November meeting will be productive and that the OPEC members will be able to finalize the oil output cap agreement.