Iran’s Finance and Economic Affairs Minister Farhad Dejpasand was elected the chairman of the OPEC Fund for International Development (OFID) ministerial council, Iranian mission to Vienna announced.
According to Kazem Gharibabadi, Iran's ambassador and permanent representative to the international organizations in Vienna, the decision was made during OFID’s 40th annual gathering in Vienna on Friday.
Dejpasand visited Austria heading a delegation to hold meetings with some Austrian officials and also the director general of the United Nations Industrial Development Organization (UNIDO).
The OPEC Fund for International Development (OFID) is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC).
OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment," and called for measures to strengthen cooperation between these countries.
OPEC delivered a bearish oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
Iranian heavy oil price increased $1.77 in July, according to OPEC’s latest monthly report published on Friday.
Davoud Khani was appointed as the new managing director of Iranian Privatization Organization (IPO), IRIB reported on Wednesday.
Iranian First Vice President Es’haq Jahangiri inaugurated several industrial, infrastructure and development projects in Khorasan Razavi Province in northeastern Iran during a two-day visit to the region.
Compliance with the production cuts deal is at a record high, but a crude price crash is undermining efforts to steady the market
Petroleum Development Oman, the largest oil and condensate producer in the sultanate, is on track to increase its output capacity by more than 10% to top 670,000 bpd in five years as it ramps up exploration activity and pumps more out of existing fields, a company official told S&P Global Platts.