IRANIAN OIL MONEY UP

SHANA - Iran says it has no plans to cut its crude oil production amid mounting pressure from Washington to stifle the country's exports by imposing fresh round of oil sanctions.

The National Iranian Oil Company (NIOC) CEO explicitly said his company, the sole producer of hydrocarbons in Iran, had no plans to reduce its output.

Speaking on Sunday evening, Ali Kardor said NIOC had access to all its oil revenues and witnessed an upward trend in its revenues.

In May, US President Donald Trump pulled Washington out of the Joint Comprehensive Plan of Action (JCPOA), an international agreement between Tehran and the P5+1 group of countries back in 2015 to curb Iran's nuclear activities in exchange for lifting of nuclear sanctions on the country.

The new round of curbs Trump has threatened against Iran are to take effect in November.

NIOC easily collects the money from selling crude oil, the CEO added, saying: "The efforts of the Ministry of Foreign Affairs are aimed at striking an agreement with the European Union in order to work out different solutions and actions plans for various future scenarios."

He further said the payment of oil money from India in rupees had not yet been finalized.

Asked about signature of contracts under the newly-devised model of oil contracts, Mr. Kardor said: "We are in talks, and it is likely that the next deal will be signed with a consortium of Russian companies."

Regarding insurance coverage for oil shipments, Kardor also said NIOC was fully providing coverage for shipments and had undertaken all the risks involved in the processes.

He also touched on development of Farzad B gas field by Indian companies, saying talks with them were in progress.

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Earlier:

2018, September, 26, 09:15:00 IRANIAN OIL EXPORTS DOWN REUTERS - Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

2018, September, 26, 09:10:00 THREATS FOR IRANIAN OIL SHANA - Iran’s OPEC governor Hossein Kazempour Ardebily said regarding the current market conditions and the production level of the producing countries in or outside of the Organization of the Petroleum Exporting Countries (OPEC), threats to bring Iran’s oil exports are not practical.

2018, August, 27, 14:25:00 IRAN'S ECONOMY DIFFICULTIES ARAB NEWS - One of the key markers of Iran's economic crisis has been the collapse in the currency, which has lost around half its value since April.

2018, August, 1, 09:25:00 IRANIAN OIL EXPORTS 2.3 MBD SHANA - Iran exported an average of 2.3 million barrels per day of crude oil to Asian and European countries during the four months. This is while exports for last calendar year's corresponding period stood at 2.115 mbd. Русский | English

2018, July, 6, 11:45:00 IRAN'S OIL IS IMPORTANT SHANA - Donald Trump's call on other countries to stop buying crude oil from Iran and putting European companies under pressure would be a kind of self-harm for the US leading to dramatic price hikes in the oil market, given Nigeria and Libya being crisis-stricken, Venezuela's crude oil output having plunged and Saudi Arabia's domestic consumption spike in summer, Iran's OPEC Governor says.

2018, June, 4, 13:35:00 IRAN'S OIL EXPORTS 2.7 MBD SHANA - The country exported 2.4 mbd of crude oil and 300,000 b/d of gas condensate, ultra light crude oil, during May.

2018, May, 10, 13:25:00 U.S. - IRAN SANCTIONS ALWAYS U.S. DT - President Donald J. Trump announced his decision to cease the United States’ participation in the JCPOA and begin reimposing U.S. nuclear-related sanctions on the Iranian regime. Treasury’s Office of Foreign Assets Control (OFAC) is taking immediate action to implement the President’s decision. Sanctions will be reimposed subject to certain 90 day and 180 day wind-down periods. At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect.