Iran minister to visit UAE for talks on crude price

Iran's oil minister is scheduled to visit the United Arab Emirates on November 18 to discuss crude prices, Press TV reported on Sunday.
The visit of Bijan Namdar Zanganeh aims to forge a united stance among oil-producing countries ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna on November 27, according to the report.
On Sunday, Zanganeh criticized some oil-producing countries for what he said the oversupply of crude by them which pushed down oil prices.
It is difficult for the falling crude oil prices to rebound any time soon, "but we should modify prices as much as the new market situation allows," Zanganeh said during a meeting with Venezuelan Foreign Minister Rafael Ramirez in the Iranian capital Tehran on Saturday.
Every oil-producing country is obliged to fulfill its responsibilities with regard to the oil market, and cooperation between the OPEC and non-OPEC oil producers is expected to that effect, he was quoted as saying
Market analysts said a 20-percent dip in oil prices since June is driven by lower economic growth and weak demand for crude in Europe, along with signs that the core Persian Gulf members of the Organization of the OPEC are in no hurry to cut production.