29 Mar 2024
Saturday 4 May 2019 - 16:51
Story Code : 347627

Iran hasn't cut oil production or halted exports, IOOC head says

Bloomberg - Irans oil production hasnt seen any reduction and the country just loaded crude for export, said Hamid Bovard, the head of the Iranian Offshore Oil Co.

It loaded the latest batch of crude from its offshore fields for export three days ago, Bovard said at a press conference, without elaborating on the volume or the destination. Exports are underway as planned, he said.

The U.S. government terminated waivers allowing a handful of countries to buy Iranian crude in an effort to reduce Irans critical oil exports to zero.

More than 130 million barrels of oil were exported from Irans offshore fields in the fiscal year that ended March 20, Bovard said.

A tender to raise production at the Forouzan oil field will be finalized by the end of June. Its development requires an additional 300 million-euro ($336 million) investment, he said. Iran has about 100 billion barrels of oil in 40 offshore fields in the Persian Gulf and Sea of Oman, Bovard said.
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