Iran General NewsReport: Iran won't cut off oil production

Report: Iran won’t cut off oil production


UPI: Iran will continue oil production, even though it faces referral to the U.N. Security Council over its nuclear activities.
United Press International

TEHRAN, Jan. 31 (UPI) — Iran will continue oil production, even though it faces referral to the U.N. Security Council over its nuclear activities.

Iranian Oil Minister Kazem Vaziri Hamaneh said Tuesday in Vienna that Tehran had no intention of ending oil production, despite the decision taken in London on the Iranian nuclear program, Novosti said.

His comments addressed concerns raised by Tehran that it would retaliate against U.N. action by making sure the world price of crude rose sharply.

Meanwhile, representatives of the five members of the Security Council and Germany met Monday to discuss Iran’s nuclear programs.

They decided that the council would be kept informed about Iran’s “nuclear file,” but no action would be taken until March after a regular session of the International Atomic Energy Agency, the United Nation’s nuclear watchdog.

Commenting about the possibility of sanctions being imposed on the Islamic republic, Hamaneh said the negotiations were ongoing and it would be premature to speak about any specific result.

Iran produces 4 million barrels of oil per day and consumes 1.6 million barrels per day domestically.

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