Iran gets exemption from 1.2 bpd oil production cut
Iran exempted from the OPEC member deal to cut oil production of 1,200,000 barrels per day.
Iran Press /Iran news: 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 per day, (1,200,000) barrels in combination.
Iran will be exempted from such a cut due to the sanctions,Iran press reported.
Bijan Zangeneh said it's not fair during imposed sanctions to ask Iran to further cut its oil production on 6 Dec 2018.
Iranian Oil Minister prior to the OPEC session had said that the 1.3 to 2.4 million output cut is on the table and there will be more discussions on the figures.
Bijan Zangeneh said earlier that Tehran has no problem with OPEC output cut but will not join any decision as long as sanctions against Iran are not totally eliminated.105/205