According to Mikrofonnews Agency (MHA), members of the Organization of the Petroleum Exporting Countries (OPEC), are expected to hold a summit today (Friday), in Vienna to discuss raising oil output.
Ahead of the meeting, Iran’s Oil Minister Bijan Zanganeh has walked out from discussions as Saudi Arabia and Russia, the main oil producers were trying to convince other members of the organization to increase the production of oil at the request of the big consumers like the United States of America, China, and India.
Iran’s Oil Minister, Bijan Zanganeh who entered Vienna on Thursday said he doesn’t think will reach a deal over the increasing of oil output in the upcoming OPEC meeting. Iran is not a member of OPEC but the country is invited to attend the meeting on Friday.
First OPEC members should reach a deal over the increasing the production of oil and then they should ask Russia who is not a member of OPEC, said Zanganeh on Thursday.
While Saudi Arabia and Russia are trying to persuade OPEC members to increase oil output in some countries like Iran, Iraq, and Venezuela who are not technically prepared for the deal, have opposed the proposal.
US sanctions on Iran which will be started in the upcoming months and difficulties in oil production in Libya and Venezuela are the factors that will affect oil markets in the future.
The summit is being held while big oil consumers have expressed concerns over the rising of oil price. Meanwhile, ahead of the critical meeting in Vienna which will last for two days, oil prices climbed in early Asia-Pacific trading on Friday.