No immediate hike in Russia's oil output after Iran waivers end, Putin says
Tehran (KNA) -Russian President Vladimir Putin has reiterated Moscow's commitment to an agreement with the Organization of the Petroleum Exporting Countries (OPEC) on keeping production at a certain level, saying his country will not immediately increase oil output after the United States ends sanctions waivers for buyers of Iranian crude next month.
"Russia is ready to meet the needs of not just China, but of all our partners around the world," Putin told reporters on the sidelines of a summit in the Chinese capital of Beijing on Saturday, adding, "We currently produce 1.5 million barrels of oil per day and we can produce more. We have colossal potential."
"But we have an agreement with OPEC to maintain production at a certain level and this agreement is in force until July," the Russian president pointed out.
The administration of US President Donald Trump said in a statement on April 22 that, in a bid to reduce Iran's oil exports to zero, buyers of Iranian oil must stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers -- Turkey, China, Greece, India, Italy, Japan, South Korea and Taiwan -- to continue importing limited volumes.
Source: PressTV