On Saturday, the 27th of April 2019, the Russian President, Vladimir Putin said that he expected Iran to continue its oil exports despite US efforts to stall it, initiating another leg of battle of quote, as United States had been seeking to block Iran’s oil export to curb its regional influence after getting failed to maintain a stiffer sanction on Venezuelan state-controlled oil firm PDVSA.
Earlier this month, Washington had concluded all waivers on Iran, threatening that the foreign importers of Iranian oil must have to suspend their purchases before May 1st , or there would be consequences, while the Trump Administration had been expecting other gulf oil producers such as United Arab Emirates and Saudi Arabia would be increasing production in order to balance the crude oil market.
However, racketing further qualms over the critical issue, Putin had been quoted saying on Saturday (April 27th) in an investment conference in Beijing that he knew nothing about Saudi’s intention on increasing production.
While being asked about Saudi’s stance on compensation for Iranian oil amid frequent calls of US President Donald Trump to boost up production, Putin said to the reporters, “I hope this does not happen at the end, but theoretically, we have agreements under OPEC +.
We have not received any information from our Saudi partners or from any other person, any OPEC member, indicating they are ready to waive the agreements”. Despite Washington’s repeated call for an increase of oil production, it is unlikely that the OPEC nations, dependent entirely on crude export for financing their countries, would be agreed to a premature waving of OPEC+, an accord to trim oil production up to 1.2 million barrels per day in order to amp up oil price signed early December last year, said analysts.