OPEC Chief, Iranian Oil Minister to Discuss Oil Market Situation on Saturday

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo and Iranian Minister of Petroleum Bijan Namdar Zangeneh are to meet on Saturday to discuss global oil market conditions and the upcoming meeting of the organization, local media reported.

MOSCOW (Sputnik) – Latest oil market developments and the organization's plan to freeze production levels will be discussed during the meeting, Shana reported.

In September, the OPEC club of the world’s major oil producers reached a preliminary agreement to set the oil output ceiling at 32.5-33 million barrels a day for the cartel. The OPEC countries have yet to finalize the deal on the November 30 meeting in Vienna.

Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Crude prices are currently fluctuating between $40 and $50 per barrel.