Iran to persuade Saudi Arabia for cuts in oil production

TEHRAN, Nov. 23 (MNA) – Iran’s oil minister will meet his Saudi counterpart in Vienna to persuade the oil giant for cuts in oil production and supply.

Bijan Namdar Zanganeh had already notified the other oil producers in Persian Gulf, namely UAE, Kuwait and Qatar the president’s message on oil.
166th (ordinary) OPEC Meeting will kick off in Vienna, Austria in November 27, and Iran has reportedly worked to ‘recruit’ other OPEC members, traditionally common among magnet members of the organization, including Iraqi and Venezuelan oil ministers to its camp. Zanganeh has told reporters that Iran’s official line of policy was promoting convergence among OPEC members, emphasizing that any difference among OPEC members would be detrimental to the international oil price in the markets.

In a TV interview, Zanganeh had said that oil market in the current and next years would encounter more supplies and fewer demands, calling members to action when the prices sink down.

Amid the media bustle to fuel up the difference between two OPEC rooster rulers, Iran and Saudi Arabia, correspondence between two countries for a meeting between oil ministers had been made.

Bijan Namdar Zanganeh and Ali al-Naimi will therefore meet on the sidelines of the OPEC ordinary annual meeting in Vienna. Mehr News correspondent attempts to reach the office of the minister revealed that the meeting would focus on hammering out a common view of saving oil prices in the world market, and it is speculated that the meeting, which will be behind closed doors, would come to a proposal to cut OPEC production up to 1 million barrels.

Energy analysts believe that Iran and Saudi Arabia meeting would cultivate unity between two great OPEC members and with it, the stability would come to rapidly sinking down oil prices.

Meanwhile Venezuelan FM Rafael Ramirez had said that Venezuela would welcome cutting in oil production should OPEC members come to decision to reduce oil production in Vienna meeting.

Zanganeh had called OPEC members of prominence in the market to cut their oil production. He expressed hopes that a deal between Iran and the 5+1 and the subsequent removal of part of sanctions, Iran’s oil production would be doubled.

By Mehr News Agency

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