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.
Saudi Arabia's oil minister Prince Abdulaziz bin Salman today called for faith and trust as the Opec+ producer group strives to formalize an agreement to deepen output cuts.
Opec and its non-Opec allies agreed today to deepen their prevailing 1.2mn b/d production cut target by 500,000 b/d in the first quarter next year. This was widely expected, but in a surprise move Saudi Arabia said it and other countries will continue a voluntary reduction of 400,000 b/d on top of that.
Oil price decreased on Friday as a meeting between OPEC and its allies later in the day is expected on a formal agreement to more output curbs in early 2020.
A move by Opec and non-Opec members toward deeper production cuts would be a "tough decision" for Nigeria, the country's oil minister Timipre Sylva said today.
Russia will receive support from Oman as it raises the issue of excluding condensate from the Opec+ production cut agreement.
Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that US crude stockpiles fell more than expected helped to lift prices, Reuters reported.