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FinancialNews


  • 08-12-18

    Iran approves OPEC proposal to reduce oil production

    (MENAFN) Iran approved a plan the Organization of the Petroleum Exporting Countries (OPEC) set for cuts on oil production starting 2019.

    OPEC is to cut 800,000 barrels per day (bpd) of oil following a settlement with Saudi Arabia on potential exemption from the reductions.

    Iran has reportedly become a main sticking point for an agreement, with reports saying that OPEC is currently prioritizing negotiations with non-member producers on less supplier and higher oil prices.

    It was reported that OPEC is planning to request from non-member producers to add an extra 400,000 bpd to the reductions.

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