Iranian Petroleum Minister announced that Iran has maintained its share of the global oil market and remained exempt from joining the OPEC's plan to extend the current output restrictions, in the 176th meeting of OPEC like the previous sessions.

Iran press/Iran news: Iranian Petroleum Minister Bijan Zangeneh told the reporters on Tuesday after finishing the 176th meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna that Iran has achieved its tasks from the meeting. 

Zanganeh’s participation in the 176th Meeting of the OPEC Conference came as the US and its regional allies are pressuring Iran to reduce its share of the world oil market.

14 Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend the producer body’s 800,000 b/d crude oil output cut deal for the next nine months to 2020, Shana reported.

Zanganeh mentioned the OPEC+ deal, saying, “Fortunately, all of the corrections of the charter of cooperation between OPEC and non-OPEC states has been made.”

“The decisions of OPEC are not mandatory and don’t put the members under an obligation,” he added.

He further stressed that the mentioned charter won’t affect the decisions and operational procedures of the organization. 

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