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Iran welcomes OPEC production cut decision

AP  |  Tehran 

Iran's President Hassan Rouhani is welcoming OPEC deal that cut the 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."

had initially been hesitant to cut its production. The country was eager to make up lost 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. Iran's arch-rival agreed to the largest production cuts, chopping nearly half a million barrels from its current 10.5-million-barrel daily output.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 17:32 IST