Iranian oil minister confirms OPEC agreed a 1.5 million bpd cut

Reuters – The Iranian oil minister confirmed on Thursday that OPEC ministers had agreed an extra 1.5 million barrel per day (bpd) cut in oil production and that Iran was still exempt from the reduction.

Bijan Zanganeh, who was speaking after a meeting of ministers from the Organization of the Petroleum Exporting Countries in Vienna, also said OPEC wanted non-OPEC states to contribute cuts of 500,000 bpd out of the 1.5 million bpd total.

Russia, the biggest of the non-OPEC producers in the group known as OPEC+, still needs to signal its approval.

Reporting by Ahmad Ghaddar; Editing by Edmund Blair