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Iran Optimistic On OPEC Deal

Iranian Oil Minister Bijan Zanganeh (file photo)
Iranian Oil Minister Bijan Zanganeh (file photo)

Iranian Oil Minister Bijan Zanganeh says he is optimistic that the Organization of the Petroleum Exporting Countries (OPEC) can reach a deal to cut oil production and boost flagging prices later this month.

Zanganeh also said he will announce Tehran's own decision about any output cuts at the meeting on November 30 in Vienna.

Zanganeh was speaking after meeting Algerian Energy Minister Nouredine Bouterfa in Tehran on November 26.

"The proposal of Algerian Energy Minister on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying by the oil ministry's official news agency SHANA.

Bouterfa said Algeria's proposals called for 1.1 million barrels per day in cuts by OPEC members and decreases totaling 600,000 by non-members, SHANA reported.

Iran has previously said it will not halt production until it raises its crude output to pre-sanction levels of 4 million barrels per day.

Bouterfa was quoted as saying that his coutnry’s proposals would boost oil prices to $60 by the end of 2017.

Based on reporting SHANA and Reuters

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