The Organization of Petroleum Exporting Countries (OPEC) met earlier this week to discuss the global oil output.
TheStreet's Martin Baccardax broke down the OPEC agreement.
Members of OPEC and non-members agreed to cut oil production by 1.2 million barrels a day, for six months starting in January.
Reuters reported Friday that Iran agreed to OPEC member-state cuts of 800,000 barrels a day, starting next year, a figure that could help boost the overall OPEC+ cut (which includes participation from non-member allies such as Russia) past the 1 million baseline markets had been expecting after the yesterday's meeting failed to reach a consensus during their meeting in Vienna.
Iran, which will be exempted from the output changes, had previously resisted further cuts given that its crude sales are subject to U.S. sanctions. Bloomberg has also reported that Russia has agreed to trim production, with Reuters citing a figure of 200,000 barrels day.
Russia, a non-OPEC member, joined the talks today amid speculation that it is only willing to trim output by 150,000 barrels a day, a figure that would likely leave the so-called OPEC+ alliance with a broad agreement to cut production by 1.2 million barrels per day heading into 2019.
Jim Cramer breaks down his thoughts about the oil sector after the OPEC meeting.