Iran exempts from OPEC production cut!
– On their latest meeting, OPEC members agreed on a production cut addressing the oil prices massive falls during the last month. The good news is that considering the US sanctions, Iran got expected from OPEC production cut along with Libia and Venezuela. OPEC members and Russia agreed to cut their production by 1.2 mn barrels per day (800K for members and 400K for non-members). The global oil prices rose by 5 % in the wake of this agreement.