ALSO READSaudi Arabia says sentiment 'optimistic' for OPEC deal Oil slumps as Iran-Saudi discord dims freeze prospects Iran topples Saudi to becomes India's top crude oil supplier Saudi Arabia's top cleric says Iran's leaders 'not Muslims' Oil down 3 percent as Saudi, Iran dash hopes for an Algiers deal
Iran's President Hassan Rouhani is welcoming 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. 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 output.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)