Iran gives green light to Opec oil output cut plan

Iran has given the Organisation of the Petroleum Exporting Countries (Opec) the green light to reduce oil output by around 800,000 barrels per day (bpd) from 2019, after finding a compromise with rival Saudi Arabia over a possible exemption from the cuts.

Tehran has emerged as a key sticking point for a deal, but sources said the difficulties were now in the past and Opec was refocusing on talks with non-member producers, led by Russia, to reduce supplies and prop up oil prices.