After 36 years Iran is set take over as the president of the Organization of Oil Exporting Countries (OPEC) as of 2011, Deputy Oil Minister Mohammad Ali Khatibi told the Mehr News Agency.
The decision was made by 12-member oil cartel in Vienna on Thursday.
Saudi Arabian Oil Minister Ali al-Nuaimi confirmed to reporters that Iran was elected OPEC president for the next year.
OPEC comprises of Algeria, Angola, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela.