Iran to reduce oil production by 10%, Novak says

The reduction of the oil production in Iran due to the sanctions will be less significant than the market expects, maximum 10%, the Minister of Energy of the Russian Federation, Alexander Novak said.

‘’I think that the figures can be much smaller, while the range of figures can be large, much will depend on the Iranian oil importers, who are mainly in the Asia-Pacific region," he said, answering the question whether the market is going to lose about 800 thousand barrels per day if the negative scenario develops for Iran.