Iran’s Oil Minister Expresses Optimism OPEC Members Reach An Agreement In The Next Meeting

| November 19, 2016

BAGHDAD/ Iranian Oil Minister, Bijan Namdar Zangeneh expressed optimism about the next OPEC meeting in the end of November that its members reach a comprehensive agreement to improve oil prices.

He said during a meeting in Tehran with the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammad Barkindo, according to / IRNA / that: OPEC members have set themselves to achieve the price of oil between $ 55 to $ 60 per barrel.

He added that countries that produced more oil in recent years bear greater responsibility for improving the situation of the market, indicating that the economy of the West waits for the price of oil to reach higher level than the current price in order to get out of the recession.

He continued that everyone is worried about the decline the investments in the oil industry in recent years, which its repercussions will appear in the oil market over the coming years.

He expressed his belief that OPEC members are committed to agreement made in the Algiers meeting and are making efforts to implement it.

He described his meeting with Secretary General of the Organization of Petroleum Exporting Countries (OPEC) as positive, expecting that the oil and energy ministers of the organization to reach an agreement at the next meeting.

Source: National Iraqi News Agency

Category: General

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