Iran Has No Plan to Cut Oil Output

Iran Has No Plan to Cut Oil OutputIran Has No Plan to Cut Oil Output

Denying reports about curbing oil output, Ali Kardor the CEO of the National Iranian Oil Company says Iran has no plans to cut production and NIOC is pumping as before.

"Oil is being sold as usual...We have no problem accessing oil revenues...In fact, oil revenues have experienced nearly 40% growth compared with the last year," the official was quoted as saying by ISNA on Monday.

Asked about India's import, he asserted that it is still not clear whether they will be paying in rupees and negotiations are underway.

Iranian and Indian officials are also holding talks over the development of Iran's Farzad B Gasfield located in the Persian Gulf. 

He also noted that NIOC provides insurance coverage for all Iranian oil tankers.

The official added that talks are underway with Russian firms over development of Iranian oilfields even though “details cannot be disclosed due to security reasons.”  

Iran —OPEC’s second-biggest producer and subject to US unilateral sanctions— would apparently lose market share if Saudi Arabia and Russia open the taps. 

The US has reimposed sanctions against Iran, bringing back harsh penalties lifted as part of the 2015 Joint Comprehensive Plan of Action known as the Iran nuclear deal.

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