The Organization of the Petroleum Exporting Countries [OPEC] 171st session attended by oil ministers of member states opened in Vienna on Wednesday, the most sensitive event in the past years, according to oil market experts.
Iran's Petroleum Minister Bijan Zangeneh said upon his arrival at Vienna Airport on Tuesday that if the economic spirit prevails the OPEC ministers' meeting, it will achieve results sooner but decision making will be hard if politics is to dominate the atmosphere.
If Saudi Arabia and other countries that played a major role in oil prices decline in global markets adopt realistic and answerable attitudes, a win-win play will await all members of OPEC, he said.
Studying oil market, making decision on Algerian Agreement and discussion on oil freeze project are on OPEC's agenda.
Any decision to be taken by OPEC members including Algeria, Angola, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, UAE, Venezuela and Nigeria will influence oil market and will determine oil market's ascending or descending trajectory.
The 171st meeting of OPEC is held at a time when during an extraordinary session in Algeria on September 28, OPEC members decided to fix its production at the level of 32,500,000 bpd.
According to the analysts, if OPEC members can reach a consensus on Algeria Agreement, oil prices will hit 50 to 55 dollars, otherwise it will fall below 40 dollars.
Source: News Agencies, Edited by website team