Official: No Cut in Iran’s Oil Output

TEHRAN (Tasnim) – A senior Iranian oil official dismissed plans for a reduction in the country’s crude production.

Official: No Cut in Iran’s Oil Output

According to CEO of the National Iranian Oil Company (NIOC) Ali Kardor, there are no plans for any reduction in the country’s oil output.

He also said that Iran is easily receiving the income from oil sales, adding that the country itself is handling the insurance issues in the export of oil shipments.

Kardor also touched on the new model of Iran’s oil contracts, saying the next agreement using the new contract will be probably signed with a consortium of Russian oil companies.

Last week, Iranian Oil Minister Bijan Namdar Zanganeh made assurances that the US administration can never drive the Islamic Republic’s crude exports down to zero.

On May 8, US President Donald Trump pulled his country out of the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), which was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), and announced plans for new sanctions against Tehran.

The White House has also announced plans to get as many countries as possible down to zero Iranian oil imports and launch a campaign of “maximum economic and diplomatic pressure” on Iran.

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