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Iran calls for non-OPEC support to boost oil prices

Xinhua, October 4, 2016 Adjust font size:

Iranian President Hassan Rouhani said Monday that oil producing countries must take decisions to boost oil prices, suggesting negotiations with non-OPEC producers, local media reported.

The Organization of the Petroleum Exporting Countries (OPEC) must hold "serious negotiations" with non-OPEC producers in order to increase and stabilize oil prices at international markets, Rouhani was quoted as saying by Press TV.

"All must make efforts so that the committee of experts would take decisions to clear the way for increasing global oil price in the OPEC meeting in November," the Iranian president said in a telephone conversation with Venezuelan President Nicolas Maduro on Monday.

On Wednesday, OPEC members agreed during an extraordinary meeting in Algeria to cut crude production by 750,000 barrels a day in an effort to raise the crude prices.

Oil prices reversed early losses to end higher Monday, as Iran's leader asked other oil producers to join the OPEC in supporting the crude market.

The West Texas Intermediate for November delivery added 0.57 U.S. dollar to settle at 48.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.70 dollar to close at 50.89 dollars a barrel on the London ICE Futures Exchange. Endit