IRNA - Russia's Energy Minister Alexander Novak said on Saturday that Iran�s oil production cuts in the wake of sanctions will not be so remarkable as some expect.


In an interview with Russian TV RBK, he said in response to a question whether sanctions may cut Iran�s oil production by 800,000 barrels a day, he said, �I think the figure will be so little.�

Of course, the situation depends mainly on Iran�s oil importers, most of which are located in Asia and Pacific Ocean, he said.

�I believe that sanctions will leave little impact on Iran�s oil production and it may cut only 10 percent of the total production,� he said

He anticipated that oil prices in global markets will stand at between 65 to 75 dollars a barrel by the end of the year.