OPEC agreed on an output cut of 1,200,000 barrels per day, exempting Iran from the supply cut decision.
The 14-member OPEC in its 175th session in Vienna, Austria on Friday, agreed on OPEC members' cutting their supply by 800,000 barrels and the non-OPEC members by 400,000 barrels (1,200,000 barrels in combination). Iran will be exempted from such a cut due to sanctions.
Iranian Minister of Petroleum Bijan Zangeneh had said after the OPEC session on Thursday that the six-hour closed-door meeting of the Organization was tough, hoping that the talks will bear fruits.
He said there is suggestion on an output cut of 1.3 to 2.4 million barrels, but the figures should be further discussed.
He added that Tehran has no problem with OPEC output cut and that depends on decision of the majority of the members.
He announced that Iran will not join any decision as long as sanctions are not totally eliminated