Members of the Organization of the Petroleum Exporting Countries (OPEC) on Friday agreed on a cut in their oil production level but exempted Iran from the reduction.

The 14-member OPEC in its 175th session in Vienna, Austria on Friday, agreed on OPEC members' cutting their supply by 800,000 barrels and the non-OPEC members by 400,000 barrels (1,200,000 barrels in combination).

Iran will be exempted from such a cut due to sanctions.

Following the OPEC session that took six-hour behind closed-door, Iranian Petroleum Minister, Bijan Zanganeh stressed, “We have achieved what is in the interests of OPEC and Iran”.

Expressing Iran’s satisfaction from the results of the negotiations and Tehran’s exemption from participation in reducing oil production level, he said, “Iran has been exempted from such a cut and we will receive the exemption paper from OPEC”.

“The negotiations were very difficult and complex,” Mr. Zanganeh added.

The victory was achieved thanks to the resistance of the Iranian delegation attending the OPEC talks in Vienna.

The output cut will take effect as of January 2019, he added.