OPEC accord on oil freeze most likely

Tehran, Nov. 19, IRNA -- Minister of Petroleum Bijan Zangeneh said on Saturday that consensus among the OPEC oil and energy ministers in their November 30 meeting in connection with production freeze is most likely. Talking to reporters, Zanganeh termed meeting with the OPEC Secretary-General Mohammed Barkindo in Tehran on Saturday as 'positive' and said the OPEC chief had provided him with a detailed report about the latest with the OPEC and non-OPEC crude oil producers regarding finalization of the Algiers accord on production freeze plan to curb falling crude oil prices in the oil market. 'OPEC and non-OPEC producers are trying to reach a comprehensive decision in the regular meeting of the members in Vienna,' he said, adding, 'I have received promising information from the OPEC chief in this connection.' The minister voiced optimism about the upcoming market developments, saying, 'I consider the future positively and think that things will improve in the future.' 'It is highly probable that OPEC members will reach a consensus in the November meeting.' The Iranian official further said those countries that have offered the largest volumes of crude oil to the market in recent years, will have the biggest responsibilities before the market. 'Today, even western countries expect higher prices in the market than the current levels in order to get rid of recession,' he added. 'They are all worried about the downward investments in the oil industry over recent years; a process that has negatively affected the oil market.' Asked whether OPEC members will honor the Algiers deal, Zangeneh said, 'I think the OPEC members will honor the agreement and try to put it in action.' He dismissed the possibility of Iraq not endorsing the freeze plan, saying Barkindo had met with senior Iraqi officials and the result of his meetings is promising. Asked what price he deemed appropriate for oil in the market, he said a proper price would be the one that guarantees interests of both producers and consumers. 'The OPEC members have considered a price range of $55 to $60,' he added. Zangeneh hosted a meeting with Barkindo on Saturday at his Tehran office. The OPEC members will meet on November 30 to discuss a proposed production freeze plan in Vienna. The OPEC members agreed on the outline of a freeze plan on the sidelines of the International Energy Forum (IEF), which grouped producers and consumers, in Algeria from September 26-28. The freeze plan is expected to seek to revive a global deal to stabilize oil output levels. 1378/IRNA