TEHRAN, Iran (AP) — Iran’s President Hassan Rouhani on Thursday welcomed an OPEC deal that cut the oil cartel’s output to push up crude prices.
Speaking in a provincial meeting, broadcast live on State TV Thursday, Rouhani called the decision “a positive development.”
Iran had initially been hesitant to cut its oil production. The country was eager to make up lost revenue after international economic sanctions were lifted in the wake of a landmark nuclear deal.
Tehran agreed to limit its production to just under 3.8 million barrels per day, almost the same amount of 2005 before beginning of the sanctions. Iran’s arch-rival Saudi Arabia agreed to the largest production cuts, chopping nearly half a million barrels from its current 10.5-million-barrel daily
Most Read Business Stories
- California: Drugmaker paid doctors to overprescribe Humira
- Amazon considering opening 3,000 cashierless Go stores, report says
- No good deed goes unpunished — Bezos' gift and its discontents | Jon Talton
- China once looked tough on trade, but now its options are dwindling
- Retailer Big 5 sanctioned after Oak Harbor employee suffered racial taunts, death threats
Later on Thursday Oil Minister Bijan Zanganeh said in a TV interview that the deal proved that “It is possible to cooperate and interact despite rivalries and severe political differences.”