"The Iranian president will confer with heads of state and officials of the OPEC member states on regional and international developments," the official Iranian news agency, IRNA, quoted Iran's ambassador to Saudi Arabia, Mohammad Hosseini as saying.
Hosseini also said that during the meeting in Riyadh, OPEC members would discuss oil supplies, the protection of the environment and the promotion of mutual cooperation.
The diplomat added that prior to the summit, foreign, finance and oil ministers from 12 OPEC member states would hold meetings to coordinate and finalize an OPEC summit statement.
Hosseini stressed the significance of the upcoming meeting, making reference to unprecedented increase in oil prices over recent weeks, currently around 40% higher than at the start of the year.
OPEC's members are Saudi Arabia, Algeria, Angola, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Ecuador and Venezuela. Indonesia's membership is currently under review.
The first OPEC Summit was held in Algeria in 1975, and the second in 2000 in Venezuela.