Iran's Oil Min. expects OPEC's oil freeze accord

TEHRAN, Nov 19 (KUNA) -- Iranian Minister of Petroleum Bijan Zangeneh said on Saturday that OPEC oil and energy ministers are likely to decide at their meeting on November 30 to cut oil production.
Speaking to reporters following a meeting with OPEC Secretary-General Mohammed Barkindo in Tehran, the Iranian minister said: "It is highly probable that OPEC members will reach a consensus in the November meeting." He added that OPEC and non-OPEC producers are trying to reach a comprehensive decision in the regular meeting of the members in Vienna late this month.
Zangeneh pointed out that he had received promising information from the OPEC chief in this regard, expressing optimism about the global oil market would improve in the future.
Asked whether OPEC members will honor the recent oil output cut decided in Algiers deal, Zangeneh said: "I think the OPEC members will honor the agreement and try to put it in action." On a fair oil price, the Iranian minister believed that a proper price would be the one that guarantees interests of both producers and consumers. (end) mw.mt