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12/7, 1:26 PM (Source: TeleTrader.com)
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Iran refuses to endorse OPEC output cut plan

Iran's Petroleum Ministry stated on Friday it will "not endorse" the Organization of Petroleum Exporting Countries' (OPEC) plan to reduce production in an effort to stabilize the market.

"Informed sources in OPEC say Iran has declined to join the group's production cut plan either symbolically or literally," the ministry said in a tweet and added OPEC members still have not reached an agreement on output cuts, thus denying earlier media reports that the cartel agreed to reduce production by 1 million barrels per day.

Iran's Petroleum Minister Bijan Zanganeh requested for the country to be exempt from OPEC's cuts as long as it is subject to United States sanctions, but his Saudi counterpart Khalid al-Falih insisted a deal will not be made unless all OPEC members are on board.

Breaking the News / NP