Sanctions will not have much impact on Iran’s oil production

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.