TEHRAN: Iran is optimistic that OPEC can reach an agreement to cut production and improve prices, Oil Minister Bijan Zanganeh said on Saturday after meeting the cartel’s chief Mohammad Sanusi Barkindo. “There is a high possibility of OPEC’s petroleum and energy ministers reaching an agreement at the November meeting,” Zanganeh said, quoted by the ministry’s Shana news website. Details of the deal, supposed to bring in non-OPEC producers including Russia, are expected to be worked out at a formal OPEC meeting in Vienna on November 30. Shana quoted Barkindo as saying his trip to Tehran had been to seek “more cooperation from Iran in the Vienna (meeting), so that we can implement the Algiers agreement”. He said Zanganeh had assured him Iran “would spare no effort” in helping to reach a consensus.

Source: Libya Today November 20, 2016 03:31 UTC