Speaking to reporters following a meeting with Algeria Energy Minister Noureddine Boutarfa, Zangeneh said the Algerian official presented to him a proposed package which allocates quotas to every OPEC member to reduce its output.
He said the Algerian Energy Minister has carried out valuable efforts in recent months in order for the Organization of the Petroleum Exporting Countries (OPEC) members reach closer stances regarding output cut and market management.
"The Algiers agreement in recent months by which OPEC should bring its output to 32.5 mbd is indebted to him [Algerian Energy Minsiter]."
He said the proposed package of the Algerian Energy minister regarding how much each of the producers will reduce their output was put on table and carefully studied.
"The course of events and talks indicates that OPEC can reach a sustainable deal regarding its output and market management," the official further added.
"I am optimistic that the prices will rise and if we reach an agreement and this is what the global economy requires now," he added.
Asked whether Iran, Libya and Nigeria will be excluded from any OPEC output cut plan, he said: "This has been a serious discussion in our talks."
Asked whether Iraq has called for being considered as another exception of the output cut, he said, "We have not been informed of such demands from Iraq."
"Everyone has accepted the Algiers decisions and the current discussions are focused on how the decisions will be implemented… I am optimistic that the OPEC members will reach an agreement."
The 171st meeting of the member states of the OPEC is scheduled to be held on November 30 in Vienna.
OPEC and non-OPEC oil producers struck a deal in Algiers in September to curb the group's output in order to tackle the oil price slump in the market.
Your Comment