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Iranian Minister of Petroleum Bijan Zangeneh is scheduled to leave Tehran for Vienna to attend the 172nd meeting of members of the Organization of the Petroleum Exporting Countries (OPEC).
Slated for Thursday. May 25. the highly anticipated meeting is expected to extend the organization`s output cut plan for another 6 months.
OPEC members agreed late last year to cut collective production at the start of 2017 by 1.2 million barrels a day for six months. Non-OPEC producers. including Russia. also agreed to cut their output by another. roughly 600.000 barrels a day.
A monthly report from the International Energy Agency released Tuesday pegged OPEC’s member compliance with the cuts at 96%—a historically high compliance rate for the group.
