[MIDDLE EAST] Iranian Oil minister denies crude output cut

Oil Minister of Iran, Gholam-Hossein Nozari denied on Tuesday reports about Iran's decision to reduce its crude oil output. Speaking to IRNA on the sidelines of a high-level managerial meeting at the ministry, Nozari said Iran usually decided about prices of its crude oil and exports based on the present situation at oil world market.

"The Oil Ministry is regularly checking the crude oil production and its exports," he said.

His comments came amid some reports that Iran was planning to cut its oil production up to 1 million barrels per day.

"For the time being, we have no plan to cut crude output. We would check crude exports and then we may decide on increase or decrease," the minister added.

Iran, the world's fourth-largest oil producer, is exporting an average of 2.4 million - 2.5 million barrels of crude oil per day, said the minister. However, he added that the amount would sometimes increase to three million or decrease to two million bpd based on situation at oil market.

Nozari said that Iran's current crude output stands on 4.170 million bpd.

Source: Islamic Republic News Agency