BREAKING NEWS

Iran says February oil output steady despite sanctions

By REUTERS

FEBRUARY 23, 2012 13:43

DUBAI - Iran's crude oil output is expected to remain steady at around 3.5 million barrels per day (bpd) in February, its OPEC governor said on Thursday, showing no sign of a slowdown despite the West's sanctions against its oil exports.

"The production for this month will be the same as the previous, around 3.5 (million bpd)," Mohammad Ali Khatibi told Reuters. "There will be no change, things are going as normal here."

Ahead of a European Union embargo, effective July 1, European buyers have been cutting back on supplies from Iran and some of its biggest customers in Asia have also reduced purchases.

Iran would lower its oil exports if it sees the demand for its crude dropping, Iran's deputy oil minister said on Wednesday. But Khatibi said there was no need so far to reduce Iran's output.

"We still have customers, everything is normal," added Khatibi, Iran's representative on the board of governors of the Organization of the Petroleum Exporting Countries.

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