Iranian Oil Minister Bijan Namdar Zanganeh is slated to arrive in the United Arab Emirates (UAE) on November 18 to discuss bilateral ties and find ways to stabilize crude prices in international markets.
Zanganeh's visit to the UAE will come following his similar visits to other oil-producing countries of Qatar and Kuwait.
The Iranian oil minister will arrive in Abu Dhabi on Tuesday to discuss ways for a rebound in oil prices following a recent plunge in its value.
Zanganeh is planning to forge a united stance among oil-producing countries ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC).
The 166th OPEC ministerial meeting is scheduled to be held in the Austrian capital, Vienna, on November 27, to discuss the issue of sharp reduction in oil prices.
On Saturday, Zanganeh underlined that the OPEC members are determined to reverse the trend of the falling market prices.
"It is important that the OPEC members are feeling the necessity for strengthening cooperation to restructure the current situation in the market and it is OPEC's responsibility to adopt proper action in this regard," Zanganeh said after meeting the Venezuelan foreign minister in Tehran.
Referring to the 166th meeting of OPEC due to be held on November 27, he said, "It is important that all OPEC members narrow down the gaps in their ideas during their bilateral and multilateral consultations."
In relevant remarks in September, Zanganeh called on the OPEC members to make joint efforts to keep oil prices from falling further.
“Given the (ongoing) downward trend of the oil prices, the OPEC members should make efforts to offset their production to keep the prices from further instability,” Zanganeh said.
OPEC is an international organization and economic cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to collude in influencing world oil prices through economic means.
OPEC is an intergovernmental organization that was created at the Baghdad Conference on 10–14 September 1960, by Iraq, Kuwait, Iran, Saudi Arabia and Venezuela. Later it was joined by nine more governments: Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, on September 1, 1965.