Iran Press/Europe: Russia will not immediately raise oil output after the United States ended sanctions waivers for buyers of Iranian crude in May, President Vladimir Putin said on Saturday.
"We have an agreement with OPEC to maintain production at a certain level and this agreement is in force until July," Putin told reporters on the sidelines of Belt and Road Forum in Beijing, France 24 reported.
"I can't imagine how the world energy market will react" after the waivers end in May, Russian President added.
The US announced this week that, in a bid to reduce Iran's oil exports to zero, it would from May 2 end US waivers that countries such as India, China, South Korea, and Turkey currently have on buying Iranian crude.
The end of the exemptions sparked fears of supply shortages, pushing prices to near six-month highs.
Eight countries including China, India, and Turkey had been given temporary waivers by the US when it re-imposed sanctions on Iran last year. 208/211/105
Read More:
China's March crude oil supplies from Iran hit 7-month high
Iran to use all legitimate means to confront US oil sanctions: Defence Minister
