Iran pledges not to cut oil production ahead of US sanctions

A general view of the port of Kharg Island Oil Terminal in Iran on 12 March 2017 [Fatemeh Bahrami/Anadolu Agency]

Iran does not intend to reduce its oil production because of US sanctions which are expected to come in to effect in November, the Director of the National Iranian Oil Company Ali Kardor said yesterday.

The Tasnim news agency reported Kardor as saying that Iran will continue to receive revenues from its oil sales.

A new package of US sanctions on Tehran will enter force on 4 November and they will target the Iranian oil sector.

Iran’s crude oil exports peaked this year at three million barrels per day representing three per cent of global consumption but new cargo data showed that Tehran’s oil exports had fallen in September to about two million barrels per day as buyers reduced their imports under US pressure.

Read: ‘Sanctions unlikely to stop Iran oil exports completely’

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