IFP - Iranian Minister of Petroleum Bijan Zangeneh said: “OPEC may choose to alter its output cut plan which I think would be unlikely.”

Speaking to reporters following a ceremony to sign the development contract for Aban and West-Paydar oilfields in Tehran on Wednesday, the official said so.

Asked about Iran’s oil swap with Iraq’s Kirkuk, Mr. Zangeneh said the logistics and coordination of trucks for the swap are underway, and once the trucks are ready, “we are ready for the swap.”

Speaking of the transfer of money in the contract for developing the two oilfields by Zarubezhneft, the official said: “There is no problem in money transfer; in fact, we will not have to transfer any cash; the transfer will be carried out by foreign companies, and no money will be deposited in our account“.

Regarding the agreement of OPEC and non-OPEC crude oil producers to cut their output and its extension beyond the end of 2018, Mr. Zangeneh said: “The Russians may pull out of this deal because they have no obligation to agreement with OPEC until the end of the year; OPEC also can reconsider its decision, but it is unlikely..”