Oil Slide Prompts Iran’s Oil Minister To Visit UAE -- Fuel Fix
Iranian oil minister Bijan Namdar Zanganeh is preparing to visit the United Arab Emirates this week, underscoring the deepening concern among OPEC members over the slump in oil prices.
After trips to Kuwait and Qatar last week to discuss strategies to buoy prices, Zanganeh will meet with officials in the UAE tomorrow, Shana, the Tehran-based oil ministry’s news service, said on its website yesterday. The discussions come before the Organization of Petroleum Exporting Countries’ next scheduled meeting on Nov. 27.
OPEC producers have stepped up their diplomatic visits before the group’s meeting in Vienna, potentially seeking a consensus on how to react to oil prices at a four-year low. Brent crude, a benchmark for more than half of the world’s oil, has plunged 30 percent since the end of June, sapping revenue for producers from Venezuela to Saudi Arabia.
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My Comment: The Iranian government's program of subsidies and welfare is dependent on oil revenues .... any drop in prices will mean less for everyone .... so their attempt to try and fix the price of oil should not surprise anyone. But I expect this attempt to fail .... other forces are now at play here, and Iran is a minor player.
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