Venezuela ministers to discuss OPEC oil deal in Tehran

Business Materials 7 February 2017 15:30 (UTC +04:00)

Baku, Azerbaijan, Feb. 7

By Emil Ilgar – Trend:

Venezuelan oil and foreign ministers will visit Iran Feb.9 to discuss the OPEC’s latest deal to cut the oil output by 1.2 million barrels per day (mb/d) to 32.5 mb/d.

The deal, achieved on November 30, came on force Jan.1 for six months.

Currently Iran and Oman’s oil ministers are discussing the global oil market situation in Tehran and Venezuelan oil and foreign ministers would arrive in Iran on Feb.9 to discuss the management of oil markets, Amir-Hossein Zamaninia, Iran's deputy petroleum minister for international affairs and trading told Mehr Feb.7.

Mohammed bin Hamad Al Rumhi, minister of oil and gas of the Sultanate of Oman, visited Tehran on Tuesday.

Zamaninia said that Iran and Venezuela’s negotiation aims at helping OPEC and non-Cartel’s agreement to clear glut in market (by decreasing 1.8 mb/d of oil output).

11 Non-OPEC producers also reached an agreement Dec.10 to cut their output by 558,000 b/d, of which the share of Russia is 50 percent.