V.Putin: Russia capable of meeting energy needs of its allies

Beijing, April 29 - Neftegaz.RU. Days before waivers imposed by the United States on Iranian oil imports are set to come to an end, Russian President Vladimir Putin said on April 27 that Russia is capable of meeting the energy needs of not just China, but all their allies around the world.

Speaking at the sidelines of the 2nd Belt and Road Forum for International Cooperation (BRFIC), Putin said, "Russia is ready to meet the needs of China and many other partners around the world. We are one of the biggest oil producers in the world. We produce 11 billion barrels a day and we can produce more if we want to."

However, Putin indicated that Russia would not immediately raise oil outputs due to an agreement with The Organisation of OPEC, which will remain in force until July.

"It is not the matter of potential here," Sputnik quoted Putin, as saying. "The thing is we have an agreement with OPEC. We have agreed to keep production at a certain level. This agreement will remain in force until July."

On April 22, US Secretary of State Michael Pompeo had announced that no fresh sanction waivers will be issued to existing importers of Iranian oil, including India.

In November last year, the US State Department had issued 180-day waivers to 8 countries, including India, to give them more time to find alternative sources of oil. The waivers are set to come to an end on May 2.

It is pertinent to mention that India on April 23 had said that it was adequately prepared to deal with the impacts of the said decision.

China and India are currently the largest importers of Iranian oil. 3 of the 8 countries which received the waivers - including Greece, Italy, and Taiwan - have already reduced their Iranian oil imports to zero, according to The Washington Post.