OPEC Ministers Likely to Finalize Oil Output Cap Agreement in Vienna

The probability that oil and energy ministers of the OPEC member states will come to an agreement to limit oil production at the November meeting is high, according to Iranian Minister of Petroleum Bijan Namdar Zangeneh.

MOSCOW (Sputnik) — Chances are high that the ministers of the Organization of the Petroleum Exporting Countries (OPEC) member states would finalize the agreement to limit oil production during the upcoming meeting in Vienna, Iranian Minister of Petroleum Bijan Namdar Zangeneh said Saturday.

"The probability that oil and energy ministers of the OPEC member states will come to an agreement at the November meeting is high," Zangeneh said after his meeting with OPEC Secretary General Mohammad Barkindo, as quoted by the Shana news agency.

The minister added that Barkindo presented at the meeting a detailed report on the work accomplished after an emergency OPEC meeting in Algeria, as well as on the negotiations he held with the authorities of countries both within and outside OPEC, including Venezuela, Iraq, Kuwait, Saudi Arabia and Russia.

Zangeneh noted that Barkindo's report "is bringing hope" that OPEC members and other countries will be able to reach a unanimous agreement.

"My point of view regarding the events in the future is positive. I think that the situation will improve," Zangeneh said.

OPEC members reached a preliminary deal in Algeria in September to cap oil production at 32.5-33 million barrels per day. The deal is expected to be finalized in Vienna on November 30.