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Iran to OPEC: no oil output pact yet

CCTV.com

06-02-2016 00:28 BJT

Iran said Wednesday it would not commit to any oil-production cut with fellow Organization of the Petroleum Exporting Countries members when the group meets this week, meaning Iran could flood the market with pre-sanctions crude output and export levels.

Tehran has been the main stumbling block for the OPEC to agree on output policy over the past year. OPEC’s de facto leader, Saudi Arabia, refused to make exemptions for the Islamic Republic.

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