TEHRAN (Press Shia Agency) – Russia will not immediately raise oil output after the United States ended sanctions waivers for buyers of Iranian crude in May, President Vladimir Putin said on 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, France 24 reported.
“I can’t imagine how the world energy market will react” after the waivers end in May, Putin said.
The US announced this week that, in a bid to reduce Iran’s oil exports to zero, it would from May 2 end US waivers that countries such as India, China, South Korea and Turkey currently have on buying Iranian crude.
The end of the exemptions sparked fears of supply shortages, pushing prices to near six-month highs.
Eight countries including China, India and Turkey had been given temporary waivers by the US when it reimposed sanctions on Iran last year.