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Zangeneh Leaves Tehran for Vienna to attend OPEC Meeting

(Wednesday, November 29, 2017) 17:51

TEHRAN, Nov. 29 (Shana) -- Iran’s Petroleum Minister Bijan Namdar Zanganeh has left Tehran for Vienna to attend the 173th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC).

OPEC is holding its ministerial meeting on Thursday in the Austrian capital where it is headquartered.

OPEC members are to discuss extension of the body's production cut plan to curb the global oil glut and rebalance the market in a bid to push up the prices.

The body is also scheduled to hold the third meeting with non-OPEC producers to discuss the matter. 

OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday after Moscow expressed concerns the market could overheat, Reuters reported.

The Organization of the Petroleum Exporting Countries, Russia and nine other producers are cutting crude output by about 1.8 million barrels per day until March 2018, and on Thursday their oil ministers will discuss extending the deal.

The market had largely expected OPEC to prolong the cuts until the end of 2018 to prop up prices and clear an excess of global stocks, but doubts have emerged in the last few days.