Russia won't immediately raise oil output after Iran waivers end
Russia will not immediately raise oil output after the United States ends sanctions waivers for buyers of Iranian crude in May, President Vladimir Putin said Saturday.
"We have an agreement with OPEC to maintain production at a certain level and this agreement is in force until July," Putin told reporters on the sidelines of a summit in Beijing.
The Trump administration said it will not renew exemptions granted last year to buyers of Iranian oil, a more stringent than expected decision that caught several key importers who have been pleading with Washington to continue buying Iranian oil sanctions-free.
The United States reimposed sanctions in November on exports of Iranian oil after U.S. President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program. Eight economies, including China and India, were granted waivers for six months, and several had expected those exemptions to be renewed.
END