Envoy hails Iran efforts for getting exemption from oil production cut

Speaking to reporters on Saturday, Iran’s permanent envoy to Vienna-based intl. organizations, Kazem Gharibabadi, said the resolve and efforts of the Iranian delegate at the 175th OPEC meeting in Vienna on Thursday bore fruit, and the Member States endorsed Iran’s exemption from a production cut by 800,000 barrels per day in the first half of 2019 in a bid to prevent supply glut and bolster the prices.

Iran says as long as it is faced with sanctions, it will not participate in any agreements on production cut.

OPEC Member States Libya and Venezuela have also been exempted from production cut.

According to sources, Russia and other non-OPEC producers will contribute to the production reduction by at least 400,000 b/d for improving oil prices in the market.

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