Algiers, (IINA) : The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cap production at 32.5 million barrels daily, Qatar’s energy minister said Wednesday after chairing a meeting of OPEC oil ministers in Algiers, DPA reported.

The oil group will now discuss quotas for individual member states ahead of a meeting set for November 30 in Vienna, said the Minister Mohammed bin Saleh al-Sada.

The move, aimed at bolstering oil prices, which have fallen sharply in recent years, comes after previous efforts to freeze production foundered on disagreements between major producers and Middle Eastern political rivals Saudi Arabia and Iran. Sources close to the meeting told DPA that Saudi Arabia had agreed to trim production by 500,000 barrels per day, while Iran would cap its output at 3.7 million barrels per day.

Saudi Arabia produced 10.6 million barrels per day in August and Iran produced 3.6 million barrels, according to figures published by OPEC.

Iran had previously insisted on returning to an output of 4 million barrels per day, representing its production level before the imposition of sanctions related to its nuclear program, which were lifted last year.

The falling prices on the other hand have allowed OPEC members to regain market share from North American producers, whose production costs are higher than in the Middle East.