Iran has been exempted from the Organization of the Petroleum Exporting Countries' (OPEC) oil cut agreement as before, Iranian Oil Minister Bijan Zangeneh said on Tuesday.
Speaking to reporters following the 176th OPEC meeting in Vienna, Zangeneh said that Iranian demands were met at the meeting.
He said that all amendments made with regard to the cooperation charter have no effect on OPEC's operational decisions and mechanisms, adding that the Iranian government will not oppose the charter, which is voluntary and non-binding.
The cooperation is aimed at creating a mechanism for maintaining an alliance between OPEC member states and non-OPEC oil producers.
Earlier, Zangeneh warned that his country would not accept any decision that has been taken by the oil cartel and imposed on Iran.
OPEC announced on Monday it would restrict the supply of oil for another nine months in a bid to support prices pressured by weakening economic growth.
The U.S. reimposed sanctions on Iran in November 2018 after pulling out of a nuclear deal between Tehran and six world powers. Aiming to cut Iran’s sales to zero, Washington in May ended sanctions waivers to importers of Iranian oil.
Iran’s crude production has dropped to about 2.37 million barrels per day (mb/d) in May, from above 3.82 mb/d in May 2018. according to OPEC data.
By Busranur Begcecanli