Iran refused compromise decision offered by OPEC in regards to small increase in oil output, Bloomberg reports.

Iranian Minister of oil thinks that parties will unlikely reach agreement during meeting of organization that will take place in Vienna at the end of this week.

Opposition inside OPEC influences oil market, prices, energy stocks and currencies of main oil exporters from Brazil to Nigeria.

Oil prices gained more than 75% and rose to level close to $80 a barrel since OPEC and its partners, including Russia, Kazakhstan and Mexico, agreed to cut production by 1,8 million barrels a day at the end of 2016.

On Wednesday Brent oil grew by 42 cents to $75,45 a barrels after it lost 0,4% on Tuesday.

Saudi Arabia is willing to reduce production curbs a little bit in the second half of this year, while Russia is insisting on significant output increase.

Iran refused proposals on any rise, even insignificant and did not accept any compromise.

Experts think that Iran’s position will not stop Saudi Arabia from implementing its decision.