Iran Admits Oil Exports May Fall

Iranian oil exports will decline by 20 to 30 percent in the coming weeks due to oilfield maintenance work, says Iranian Deputy Oil Minister Ahmad Ghalebani.

Bloomberg reports that with the EU’s recent confirmation that it will proceed with sanctions on Iranian oil exports, commencing on July 1 as planned, Ahmad Ghalebani told reporters at an energy conference in Moscow that its oil exports to China India, Korea and South Africa may drop due to oilfield maintenance.

Ghalebani, who also heads the National Iranian Oil Company, said the maintenance may have been planned to coincide with the EU sanctions.

Khabar-on-line has reported on recent predictions that Iran’s oil revenues will fall by $50 billion in the current year. Last year, Iran’s official oil revenues amounted to $113 billion.

Iran continues to deny the effect of sanctions on its oil production or its economy and remains defiant against EU and U.S. demands to halt its uranium enrichment activities.

Iran insists that its nuclear program is peaceful and that it has a right to enrich uranium to provide fuel for its reactors.