In an effort aimed at ensuring the success of the deal to cut output next week, the Organization of the Petroleum Exporting Countries (OPEC) has asked Iran to cut production at 3.92 million bpd.

According to reports, several members of the Organization of the Petroleum Exporting Countries (OPEC) met with Iranian officials on Friday, to convince the country to cut its oil production so as to avoid the group’s global production cut deal from collapsing later this month in Vienna.

OPEC had initially hoped for Iran to maintain its output at the current level of 3.6 to 3.7 million bpd, but the Islamic republic refused to consider any limits until it reaches its pre-sanctions production level of between 4.0 and 4.2 million bpd.

Iran however, is yet to respond to the proposal.

Saudi Arabia at a meeting between OPEC and non-OPEC experts at the beginning of this month threatened to bring down crude prices by increasing its own oil production should Iran continue to refuse to participate in the cut.

Meanwhile, oil prices hit a several-week high on Monday. Brent crude futures went up by $ 0.60 to $47.46 their highest level since November 2 after comments by Iran, Iraq and Russia that a deal between OPEC and non-OPEC producers was likely to be reached next week.

“Whether an agreement will be reached, I can’t say 100%, but there’s a strong likelihood that it will be achieved. The main contradictions within OPEC, if they’re not yet eliminated, can be eliminated,” Vladimir Putin, Russia’s President said.

Anita Fatunji