OPEC yet to agree final deal as Iran seeks exemptions


OPEC yet to agree final deal as Iran seeks exemptions

Iran appeared on Friday to be the main obstacle for an OPEC deal to cut oil production as the group’s leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two OPEC sources said.

The Organization of the Petroleum Exporting Countries (OPEC) resumes discussions in Vienna during the day before heading into a meeting with non-OPEC oil producers led by Russia.

On Thursday, OPEC tentatively agreed an oil output cut but could not decide concrete parameters for reductions as it was waiting for a commitment from non-OPEC heavyweight Russia, sources from the group said.

On Friday, two OPEC sources said Saudi Arabia’s arch-rival Iran, which came under fresh U.S. sanctions in November, was also holding up a final deal. Read More

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