Iran oil minister: No change in production, export

Lloyd Doyle
July 9, 2018

Even before the OPEC and friends meeting, Russian Federation had already started boosting its oil production, and had pumped as much as 11.09 million bpd in the first week of June-143,000 bpd above the country's then-quota under the OPEC+ production cut deal.

Zanganeh added that neither Iranian oil production nor its exports had changed as a result of USA pressure.

The Iranian minister also criticized Trump's pressure on Saudi Arabia to increase its supplies and said such efforts would destabilize markets.

Iranian OPEC Governor Hossein Kazempour Ardebili told Reuters that Trump "should have expected" when blocking Iran's access to the global markets that it would end up as "hostage (to) Saudi Arabia and Russia", who he said had little vested interest in bringing down prices.

The oil minister also said that Iran, which is Opec's third-largest producer, has not changed its oil production and exports amid growing U.S. pressure.

Washington said in May it was walking away from an worldwide deal on Iran's nuclear programme, and said it would impose fresh sanctions on Iran's energy sector.

South Korea halted in July all Iranian oil shipments for the first time in six years amid USA pressure.

The EU, once Iran's biggest oil importer, has promised to try keep the 2015 nuclear deal alive without the United States by trying to keep oil and investment flowing. The top Iranian official emphasized that Tehran will resist USA measures and will safeguard its market share by all means. This is already seen as part of a political campaign by the U.S. to pressure the kingdom to ramp up oil production quickly to make up for the loss of Iranian barrels which the Trump administration has threatened to bring down to zero.

Zanganeh said Iran's stance on this issue was clear.

Other reports by Iphone Fresh

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