Russia is ready to meet demands of partners all around the world but will respect an agreement made with OPEC which is in force until July.
BEIJING: 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.
Eight countries including China, India and Turkey had been given temporary waivers by the US when it reimposed sanctions on Iran last year. “We currently produce 1.5 million barrels of oil per day and we can produce more. We have colossal potential,” Putin said. The end of the exemptions sparked fears of supply shortages, pushing oil prices to near six-month highs.But, he added, “none of our partners, including Saudi Arabia, is withdrawing from our agreements within OPEC.”
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