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Rohani Says OPEC Cooperation Key To Boosting Oil Prices

Iranian President Hassan Rohani

Iranian President Hassan Rohani says cooperation among the Organization of the Petroleum Exporting Countries (OPEC) is key to implementing a deal reached last week to cut production in a bid to boost slumping global prices, Iranian state TV reported.

Oil prices have risen to more than $50 a barrel after members of the OPEC cartel on November 30 agreed to cut their production by 1.2 million barrels a day.

"Close cooperation among OPEC and non-OPEC countries is key to stabilizing the oil prices and their increase," Rohani said in a telephone conversation with Venezuela's President Nicolas Maduro on December 8, according to state TV.

Iran was exempted from the cut as it seeks to regain market share lost under international sanctions that were lifted in January.

Under the deal, Russia and other major non-OPEC producers also agreed to cut their oil production by 600,000 barrels per day.

Higher global oil prices are seen as critical for countries like Russia and Iran whose national budgets depend heavily upon revenue from oil exports.

Based on reporting by Reuters and Press TV