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Iran: OPEC Deal To Cut Oil Production 'Highly Likely'

Iranian Oil Minister Bijan Zanganeh (file photo)

Iran's Oil Minister Bijan Zanganeh says it is "highly likely" that oil producers will reach an agreement to cut production and boost flagging prices later this month.

The Organization of Petroleum Exporting Countries (OPEC) is meeting on November 30 in Vienna to finalize a deal to rein in production.

"There is a high possibility of OPEC's petroleum and energy ministers reaching an agreement at the November meeting," said Zanganeh after meeting with the head of the 14-nation cartel, Mohammad Sanusi Barkindo, on November 19.

Zanganeh said the deal could boost prices to $55 to $60 a barrel. International crude closed at $46.76 on November 18.

The deal is supposed to bring in non-OPEC producers, including Russia.

In September, OPEC members agreed at an informal meeting in Algiers to cut output, hoping to boost prices that have decreased by around 60 percent since mid-2014.

Based on reporting by AFP and AP