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Oil Minister Bijan Namdar Zanganeh left Tehran for Vienna on Wednesday to take part in the 173th ministerial meeting of Organization of the Petroleum Exporting Countries (OPEC) on Wednesday.
OPEC will hold its ministerial meeting today in the Austrian capital where it is headquartered. Shana reported.
OPEC members will 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 prices.
The body is also scheduled to hold the third meeting with non-OPEC producers to discuss the issue.
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.
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 today 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.
