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Iran Says Will not Reduce Oil Output

Iran Says Will not Reduce Oil Output

Friday, 14 December, 2018 - 07:30
Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018. REUTERS/Leonhard Foeger
London - Asharq Al-Awsat
Iranian Oil Minister Bijan Zanganeh has said that his country has no plans to reduce its oil production, but will remain a member of OPEC, the official news agency IRNA reported.

OPEC and its Russia-led allies agreed on Friday in Vienna to slash oil production by more than the market expected in a bid to shore up prices.

Meanwhile, India’s monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of US sanctions, according to ship tracking data and industry sources.

Last month, the United States introduced tough sanctions aimed at crippling Iran’s oil revenue-dependent economy. Washington did, though, give a six-month waiver from sanctions to eight nations, including India, and allowed them to import some Iranian oil.

India is restricted to buying 1.25 million tonnes per month, or about 300,000 barrels per day (bpd).

In November, India imported about 276,000 bpd of Iranian oil, a decline of about 41 percent from October and about 4 percent more than the year-ago month, ship tracking data obtained from shipping and trade sources showed.

After abandoning the 2015 Iran nuclear deal, US President Donald Trump is trying to force Tehran to quash not only its nuclear ambitions and its ballistic missile program but its support for militant proxies in Syria, Yemen, Lebanon and other parts of the Middle East.

India’s imports from Iran in November, included some parcels that were loaded in October. In November, Iraq and Saudi Arabia continued to be the top two oil sellers to India.

The UAE, which was the sixth biggest oil seller to India in October, became the third top seller to India in November, knocking down Venezuela by a notch to fourth position.

Nigeria continued at No. 5 position, while Iran slipped to sixth place.

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