0402 GMT January 24, 2019
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Friday in Vienna to slash oil production by more than the market expected in a bid to shore up prices despite pressure from US President Donald Trump to reduce the price of crude, Reuters reported.
“Iran wants to stay in OPEC and coexist with its (oil producing) neighbors in the region,” Zanganeh told national TV, adding that two neighbors in the south pressured Iran into reducing its output during the latest OPEC meeting, but they finally “agreed to Iran being exempted from production cut.”
He said that according to the deal agreed to by OPEC members and the Russian-led bloc, Iran is fully exempted from the cut.
President Hassan Rouhani said on Sunday the decision by OPEC and other oil producers to cut output was a rebuff to the US “policy of meddling.”
“Despite US attempts to interfere in OPEC affairs and prevent a balancing of oil supply, fortunately, with the resistance of member states and the efforts of Iran and Mr. Zanganeh, this plan was neutralized and there was a defeat for America’s policy of meddling” Rouhani said.
OPEC agreed to cut production by 800,000 barrels bpd while non-members will cut by 400,000 bpd, with most of that shouldered by Russia.