Sunday, 25 August 2019 11:57 GMT
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Iran hasn't cut offshore oil output and halted exports: IOOC head




(MENAFN - Gulf Times) Iran's offshore oil production hasn't seen any reduction and the country just loaded crude for export, said Hamid Bovard, 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 US government terminated waivers allowing a handful of countries to buy Iranian crude in an effort to reduce Iran's critical oil exports to zero.
More than 130mn barrels of oil were exported from Iran's offshore fields in the fiscal year that ended March 20, Bovard said.
A tender to raise production at the Forouzan oil field will be finalised by the end of June. Its development requires an additional €300mn ($336mn) investment, he said. Iran has about 100bn barrels of oil in 40 offshore fields in the Gulf and Sea of Oman, Bovard said.
Iran's oil minister on Friday warned that Opec is in danger of collapse as some nations seek to undermine their fellow members, an apparent reference to Saudi Arabia's pledge to fill the supply gap created by US sanctions on Iranian exports.
'Iran is a member of Opec for its interests and any threat from member states won't go unanswered, Bijan Namdar Zanganeh said after a meeting with Opec secretary-general Mohammad Barkindo in Tehran on Thursday, according to the oil ministry's Shana news agency.
His comments come as US President Donald Trump tries to cut the Islamic Republic's oil exports to zero, backed by a promise from Saudi Arabia and its Gulf allies to increase production to ensure the squeeze doesn't create a supply shortage.
Those countries boosted production last year as the first round of American sanctions hit Iran, without splitting the Organisation of Petroleum Exporting Countries. This year, however, Iran is under even greater pressure, with fewer options to keep its economy afloat.

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Iran hasn't cut offshore oil output and halted exports: IOOC head

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