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Iranian media praises OPEC deal as victory over Saudi Arabia

Iranian media welcomes OPEC's agreement to exempt Iran from cutting output, characterizing it as a victory over Saudi Arabia.
Iran's Oil Minister Bijan Zanganeh talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader - RTSTYU0

After seven months of negotiations, OPEC agreed to cut production in order to boost the price of oil, while exempting Iran, Nigeria and Libya from output cuts. Iranian media hailed the Nov. 30 deal in Vienna as a victory over Saudi Arabia.

It is OPEC's first supply cut in eight years, and will come into effect in January, along with a promised combined cut of 600,000 barrels per day (bpd) by Russia and other non-OPEC producers. Oil prices surged more than 9% immediately after the deal was announced.

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