169th OPEC Meeting kicks off in Vienna

169th OPEC Meeting kicks off in Vienna

Vienna, June 2, IRNA – The 169th (Ordinary) Organization of the Petroleum Exporting Countries (OPEC) Meeting started work here Thursday.

To attend the 169th OPEC Meeting, Iranian Petroleum Minister Bijan Zangeneh arrived in the Austrian capital on Wednesday evening.

The petroleum ministers of OPEC member states are meeting here today to decide on policies regarding oil production activities.

Zangeneh is expected to discuss issues of mutual interest with his counterparts on the sideline of the OPEC meeting.

The OPEC should work toward maximizing the interests of its members, Iran’s oil minister said prior to the meeting.

The organization should help stabilize the market and also be able to manage the situation when markets get unbalanced, he said.

Iran is supportive of such a trend adopted by the OPEC, the minister said.

It is expected the participants formulate the OPEC policy for next six months, discuss the situation of oil market and elect a new secretary general for the organization.

According to reports, OPEC countries have produced 32.439 million oil barrels a day in April.

Iran as an OPEC member-state has raised its oil production as well as export of its crude oil after removal of sanctions against the country on January 16.

Zangeneh has announced that Iran has exported 2,023,000 barrels of crude oil in May, 2016.