OPEC is “highly likely” to reach a final agreement to curb oil production later this month, Iran’s oil minister said Saturday, according to The Wall Street Journal.
Iran and Iraq have seemed to be the most reluctant members of the Organization of the Petroleum Exporting Countries to agree on reining production ahead of a Nov. 30 gathering in Vienna, notes The Journal. The 14-nation cartel is meeting to decide on output reductions aimed at boosting oil prices.
But speaking after a meeting with OPEC’s secretary general Mohamed Barkindo in Tehran, Iran’s oil minister Bijan Zangeneh said “it is highly likely that oil and energy ministers of the member countries of the Organization of the Petroleum Exporting Countries will reach an agreement” on Nov 30. If producers manage to cooperate, oil prices could rebound to $55 to $60 a barrel, the level OPEC members deem appropriate for producers and consumers, the ministry’s news agency, Shana, quoted him as saying.
Crude oil closed at $46.04 a barrel in New York trading on Friday.