Iran Oil Production Not Affected by Sanctions – Oil Minister

Iranian Oil Minister Rostam Ghasemi has informed OPEC that Iran has not reduced its oil production as the result of sanctions and the country is producing about 3.7 million barrels per day, OPEC Secretary General Abdullah al-Badri said on Thursday. (Press TV/AP, 14 December)

Earlier this month, the International Energy Agency reported that Iran’s crude oil production was reduced to 2.7 million barrels a day in October. Ghasemi’s statement contradicts IEA’s report.

Iran’s export of crude oil, however, had fallen by 46 percent for the 12-month period ending in October. It is not clear why the country would keep the production levels the same even though its exports has fallen by more than 1 million b/d.

A recent report by London-based IHS Fairplay shows that NITC, Iran’s national tanker organization which operates a fleet of 42 crude oil carriers, is finding it harder to place cargoes.

File photo: Iranian Oil Minister Rostam Ghasemi (IRNA)