12/7/2018, 2:29 PM (Source:
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Iran denies it agreed to OPEC output cut deal

Oil prices jumped over 1.5% after a couple of unnamed sources from the Organization of Petroleum Exporting Countries (OPEC) told media on Friday that Iran has agreed in principle to the cartel's output cut deal. However, Iran's OPEC delegate insisted an agreement still hasn't been reached and negotiations are still ongoing. He noted that Tehran is requesting a change in the wording of the deal and that there is "still a lot of haggling" on the issue.

The OPEC sources noted that the cartel members agreed to cut production by 800,000, which is less than the 1 million bpd proposed by Saudi Arabia, and added non-OPEC producers would reduce their output by 400,000 bpd as a part of the deal.

Iran earlier requested to be exempt from the output cut agreement as a result of the United States sanctions against the country and insisted it would not reduce its crude production "either symbolically or literally."

Breaking the News / NP