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Iran Agreed to Lower Oil Production


On the second day of the OPEC summit, Iran agreed to decrease its oil production.

Reuters reported that after Iran reached an agreement with Saudi Arabia, its regional competitor, the Islamic Republic agreed to lower their oil production by 800 thousand barrels a day.

Previously, Bijan Namdar Zangeneh, the oil minister of the Islamic Republic had emphasized that Iran will not agree to decrease oil production as long as the sanctions are in place.

The amount of accepted oil production decrease by OPEC countries is less than expected.

A day before the OPEC summit, president Trump asked OPEC not to lower their production.

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