Iran’s Oil Minister meets Saudi’s counterpart ahead of OPEC meeting

According to Mikrofonnews Agency (MHA), Iran’s Oil Minister Bizhan Zanganeh has expressed hope that members of OPEC and other big oil suppliers reach an agreement after an unprecedented meeting with Saudi’s Oil Minister.

This was the first meeting between Iran and Saudi Arabia’s officials in the recent months as tensions increased between two countries over regional issues. Bizhan Zanganeg met Khaled Falih, Saudi Arabia’s Oil Minister minutes before the OPEC meeting starts in Vienna.

As the unprecedented meeting ran longer other OPEC members had to wait for them to kick off the summit. OPEC members are meeting in Vienna today to discuss a possible increase in oil output as demanded by big oil consumers like India, China and the United States of America.

Earlier on Thursday, Bizhan Zanganeh, whose country is opposed to the proposal walked out from negotiations saying he doesn’t think the OPEC meeting reaches an agreement. “This was a good meeting, we talked about everything clearly.I hope OPEC members and the oil suppliers out of OPEC reach an agreement”, said Zanganeh after meeting Saudi Arabia’s Oil Minister without giving more details on the talks.

Saudi Arabia and Russia, the main oil producers were trying to convince other members of the organization to increase the production of oil. 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, 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 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.