Iran says has no plans to cut its oil output
Tehran, Iran, Oct. 1
Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), said the country has no plans to decrease its oil production as US sanctions against Tehran loom.
“NIOC has full access to its oil revenues and we are even facing cash surplus this year,” Kardor said, Tasnim news agency reported on October 1.
Iran will continue to produce oil with full power and has no plans to reduce its output given the fact that looming sanctions against the country will start targeting its oil sector from Nov. 4, he added.
The official also said Tehran will probably sign its future agreements with a consortium of Russian oil companies, using the new model of Iran’s oil contracts.
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.