Zanganeh due in Vienna for OPEC session

Shana– Minister of Petroleum Bijan Zanganeh is to leave Tehran for Vienna on Tuesday to take part in the 171st OPEC session.

The OPEC session comes on the heels of the OPEC regular session in Algiers late September when the participants decided cutting oil output to the ceiling of 32.5 million barrels per day and 33 million barrels per day.
The price for OPEC basket of crude fell by 34 cents to 44.88 dollars a barrel on the eve of the OPEC session.

Saudi Energy Minister Khaled al-Faleh had on Sunday announced Riyadh adheres to its stance in connection with the Algiers accord. He said consensus on oil output freeze will help market balance.

Talking to reporters, he said that he believed oil market will be balanced in 2017 even if the producers do not interfere in the issue.

Many experts believe the 171st OPEC meeting will be tough in its kind and the members will be able to bring the oil price to the range of 50 to 55 dollars a barrel through adhering to the Algiers accord and its enforcement.

The 14 OPEC members are now producing 44.6 million barrels per day oil and they should decrease the output by 1.1 million barrels per day should they reach the Algiers accord.