Iranian oil minister said OPEC reduced its oil production despite US pressure and some underlying issues.
“While Iran’s production ceiling was maintained in very tight talks with the ministers of the OPEC countries, OPEC reduced its production,” Iranian Oil Minister Bijan Zanganeh said, Trend reports citing Tasnim. “We have been negotiating with OPEC members for about 10 hours to exempt Iran from cutting production.”
“We had a duty not to let damage our long-term share of the market and we succeeded in that,” Zanganeh continued.
He went on to say that it was necessary to reduce OPEC’s oil production at the current time, and that the amount of reduction was appropriate and the market response was positive, as prices rose somewhat.
The decline in the production should be maintained until the balance of supply and demand, he said.
According to OPEC’s latest meeting, allied producers agreed to lower production of crude by 1.2 million barrels per day for a six-month period.
The measure was reportedly spearheaded by Russia and is expected to come into effect starting January 1, 2019.
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