Iran has refused to reduce oil production in the scope of environment agreement of the Organization of countries-exporters of oil (OPEC) to freeze the oil production of the cartel at 32, 5 million barrels per day from November 2016. It is reported TASS with reference to the Minister of oil of Iran of Bijan Zanganeh.
Also the head of the country’s energy said that the production volume will be installed only after the November meeting, all members of the cartel.
Earlier, OPEC President Mohammed bin Saleh al-the Garden has reported that the individual level of oil production for each country participating organizations will be determined by a special Commission. The participants of the meeting of OPEC called the meeting “historic” because of the decision to reduce production to 32-33 million barrels per day from Nov.
Iranian energy Minister added that the period covered the decline has not yet been determined. It can last from six months to a year.
The decision of the cartel members caused a jump in oil prices by 5%, which contributed to the strengthening of the ruble against the dollar and the Euro.
