OPEC members most likely will reach an agreement during the upcoming meeting which is scheduled for November 30, Bijan Namdar Zanganeh, Iran’s oil minister said.

Reported by HPMM Group according to Iran News ;  Zanganeh made the remarks following a meeting with OPEC Secretary-General Mohammed Barkindo in Tehran on Saturday.

He described the meeting as positive, saying the OPEC secretary-general submitted a detailed report about the latest developments among 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 global oil market.

Zanganeh forecasted that the oil market will experience positive developments in the near future.

“I look at the future positively and I think that we will have better situation in the future,” Zanganeh said.

“Countries who had been producing oil profusely in recent years [with Iran absent from the scene], have proportionately more responsibility; western economy need to see higher prices for oil to find a way out of recession; decline in investment on oil industry would have negative impacts on the whole market in recent years,” Zanganeh told the press.

OPEC and non-OPEC oil producers are working to reach a comprehensive decision during the Vienna meeting, the Iranian minister said, adding that Barkindo has provided him with encouraging information regarding the issue.

Zanganeh expressed optimism that crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate.