Iran sees oil production steady amid Trump threats
Iran will not raise oil production in the new Persian year which begins on Wednesday, Managing Director of the National Iranian Oil Company (NIOC) says. Ā
Iran currently produces about 3.9 million barrels per day (bpd) of crude oil, Ali Kardor was quoted by ISNA news agency as saying on Saturday. āIranās oil production will not increase in the year of 1397 and will remain steady at the current levels,ā he said.
The country is OPECās third largest oil producer. Kardor said Iranās exports vary but they currently average between 1.7 million bpd and 1.75 million bpd barring condensate sales.
An OPEC report released on Thursday showed Iranās oil production stood at 3.813 million bpd in February, down 4,400 bpd from January.Ā The country produced 3.818 million bpd crude oil in January, the report said.
US President Donald Trumpās threats to pull out of a landmark nuclear deal with Iran and reimpose sanctions on the countryĀ present a supply risk to the oil market.
Iranās oil exports could drop 500,000 bpd or even 600,000 bpd on lower purchases from Asian and European countries if the US leader left the agreement.
Tehran has stressed that it would not brook even a change of comma to the document.
On Friday, Reuters alleged that Britain, France and Germany had proposed fresh EU sanctions on Iran over its ballistic missiles and its role in Syria in order to mollify Trump and keep him in the agreement.
Britain, France and Germany propose new EU sanctions on Iran in a bid to save the Iran nuclear agreement, a report says.
The report came after signatories of the nuclear agreement met in Vienna to review its implementation, with senior negotiator Abbas Araqchi representing Iran.
Araqchi made it clear earlier this week that if the US quits the nuclear deal, Iran will also quit it. āWe have told the Europeans that if they canāt keep the US in the deal, Iran will also leave it.ā
Source : Gistville
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