Baku, Azerbaijan, Nov. 28
By Fatih Karimov – Trend
Iranian Oil Minister Bijan Namdar Zanganeh will leave Tehran for Vienna on Nov. 29 to participate in the 171st session of the Organization of the Petroleum Exporting Countries (OPEC), SHANA news agency reported.
Zanganeh earlier told reporters that OPEC can reach a lasting agreement on output and management of the oil market.
Following a meeting with Algerian Minister of Energy and Mining Nureddin Bouterfa on Nov. 26, Zanganeh said that Algeria provided Iran with a package about production quota for every member.
“OPEC is indebted to the Algeria meeting and efforts over the past several months to fix the production at the 32.5 million bpd level,” he said, adding that Algerian energy minister's proposal to specify output quota for every member was considered carefully.
“We are to set forth our views on the proposals in the 171st OPEC ordinary session in Vienna,” Zanganeh said.
OPEC in its extraordinary session in Algerian on September 28, decided to fix its production at the level of 32.5 million bpd.
OPEC’s current output stands at 33.6 million barrels per day, so the members need to decrease the production level by 1.1 mbpd to materialize the agreed output level.