Iran tells Total about oil cut sales

Reuters: Iran's oil minister said on Saturday France's Total, which buys Iranian crude, had been informed it would receive less oil in line with an OPEC decision to cut output starting November 1, a news agency reported.

TEHRAN (Reuters) – Iran's oil minister said on Saturday France's Total, which buys Iranian crude, had been informed it would receive less oil in line with an OPEC decision to cut output starting November 1, a news agency reported.

"We have announced the drop in our production to this company (Total), and the level of the drop in oil sales to other companies will be announced subsequent to calculations about the sales reduction," Oil Minister Gholamhossein Nozari was quoted as saying by Mehr News Agency.

Under a deal reached last month, the Organization of the Petroleum Exporting Countries agreed to cut output by 1.5 million barrels per day (bpd). Iran's share of the cut is 199,000 bpd.