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Iran to export 3 million barrels of oil to Russia monthly

Iran’s oil minister has spoken of the country’s contract with Russia to export 3 million barrels of crude oil.

Iran to export 3 million barrels of oil to Russia monthly

Iran’s Oil Minister Bijan Zanganeh said on February 4, 2018, that Tehran has signed a contract with Moscow under which the country will export 3 million barrels of crude oil to Russia on a monthly basis.

Speaking in a press conference, the oil minister noted that Iran’s crude exports in the 10 months to January 2018 rose by 60,000 barrels year on year. «Also, production and exports of oil have increased by more than 1 million barrels following the [conclusion of the] Iran nuclear deal,» the minister noted.

He further said construction of supply lines to take Iran’s crude to Iraq have been completed. Elsewhere in his remarks, Zanganeh said production of natural gas at the South Pars Oil and Gas Field stood at 285 million cubic metres in 2012, adding the figure reached 553 million cubic meters last month.

The oil minister underlined that the contracts signed with France’s energy giant Total, the Chinese CNPC and Iran’s Petropars are going according to schedule.

Zanganeh further said Trump wants to create the impression that the situation for foreign investors in Iran is unstable. «Trump is suspending the Iran nuclear deal every 4 months, which somehow causes instability. We cannot say Trump’s decisions have no impact on the decisions made by Total and other companies, but we will go ahead with what we’re doing,» the minister said.

He also said OPEC is to meet in June to decide on whether or not to curtail its output.

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