16 December 2018, London — Iran has said it would not exit being a member of the Organization of the Petroleum Exporting Countries, OPEC, a report by the country’s official news agency, IRNA has said.
The country’s, Oil Minister Bijan Zanganeh cleared the air following reports that it would leave the group over the oil cut deal.
A member of OPEC, Qatar had tendered its exit letter just last week over its decision not to cut production to boost prices. The country is the world’s largest exporter of Liquefied Natural Gas, LNG. Qatar will now focus on its strength, gas, while it also keeps its few oil customers.
According to Zanganeh, Iran has no plans to reduce its oil production.
OPEC and Russia-led partners on Friday agreed to cut production by 1.2 million barrels per day- 800, 000bpd for OPEC members, and 400, 000bpd for Non-OPEC members.