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OPEC members meet in Vienna to debate cutting oil output

Xinhua, November 30, 2016 Adjust font size:

The OPEC member states are meeting here on Wednesday to debate cutting its oil output.

Some OPEC states are signaling their optimism over reaching a possible deal to cut oil production.

Saudi Arabian Energy Minister Khalid Al-Falih said before the meeting that he hopes if the cartel agrees to secure a output cut, non-OPEC states should also join them. He added OPEC member states were close to striking a deal.

Iran also expressed optimism over a production cut, saying sides were ready to compromise and reach a deal.

Tehran has long insisted it should be exempted from the production cut, as it planned to increase its output to pre-sanction levels.

Before the meeting, OPEC members agreed in principle to enable a possible production cut. However, there are gaps between the main countries over the quota of the production if an output cut is implemented.

Saudi Arabia said the global oil market could improve even if the meeting fails to agree upon an output cut. Enditem