Shana-- Algeria Energy Minister Noureddine Boutarfa says he is optimistic that the price of crude oil will climb to 50 to 55 dollars per barrel if OPEC members reach a long-sought agreement in their November 30 meeting in Vienna to cut OPEC output.
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Speaking to reporters following a meeting with Iranian Minister of Petroleum Bijan Zangeneh here in Tehran on Saturday, Boutarfa said he hoped that the prices would also reach $60/b by the end of the current year if the major oil producing countries agree on an output cut on November 30.

He said during his meeting, the two sides discussed mechanisms that would facilitate agreement of members of the Organization of the Petroleum Exporting Countries (OPEC) on an output cut in a bid to seek a market rebalancing that would boost revenues from oil exports and help their crippled budgets.

"The Algerian government has proposed a 1.1mbd cut in OPEC's total output and the proposition was presented to the Iranian Minister of Petroleum," he said.
Boutarfa also said Algerian has also called on non-OPEC oil producers to curb production by at least 0.6mbd in order to tackle the oil price slump in the market.

Oil prices have more than halved from 2014 levels due to oversupply, prompting OPEC producers and rival Russia to seek a market rebalancing mechanism.
"We are hopeful that the next OPEC meeting will save the oil market of the current crisis," the Algerian energy official added.

"If an agreement is not reached in the Nov. 30 meeting of OPEC members, the prices will shrink to less than $50/b."
"In the short interval left to the OPEC meeting, Iran and Algeria will keep cooperating in order to ensure the members' agreement," he further said.

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.