US Iran Sanctions May Limit Iran's Oil Sales Up to 1Mln Barrels Daily - BP Chief

© AP Photo / Vahid SalemiIranian oil technician, right, and coworker work at the oil separator facilities in Azadegan oil field, some 480 miles (800 kilometers) southwest of the capital, Tehran, Iran
Iranian oil technician, right, and coworker  work at the oil separator facilities in Azadegan oil field, some 480 miles (800 kilometers) southwest of the capital, Tehran, Iran - Sputnik International
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ST PETERSBURG (Sputnik), Anastasia Dmitrieva – US sanctions against Iran may limit the country’s oil exports between 300,000 and 1 million barrels per day, BP Group Chief Executive Bob Dudley told Sputnik on Thursday.

"The withdrawal of the United States from the agreement seems to be the beginning of the negotiation. It would impact Iranian oil sales between 300,000 and 1 million barrels per day, that’s sort of the range of estimates there," Dudley said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Speaking about oil prices, Bob Dudley said he doubted that oil prices would reach $100 per barrel.

"There are people predicting that it will be $100 [per barrel], I don’t think it will be $100 unless there are geopolitical restrictions to the flow of oil, I mean conflict, and I don’t expect that," Dudley said.

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Dudley said he believed that the agreement of the Organization of the Petroleum Exporting Countries and non-cartel producers on cutting oil production would be kept until the end of 2018.

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"You have a very difficult agreement that was put in place with OPEC and non-OPEC countries, they will talk at the end of June. I think they will probably keep their agreement until the end of the year. You have the big problem with Venezuelan production going down very fast, the US production is going to start rising and the Iranian sanctions has brought a lot of uncertainty. No one is sure how much production they have to reduce or not. You have an unusual set of circumstances now that is keeping the price up," Dudley said.

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SPIEF, held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues.

Sputnik, which is a multimedia international news and information agency, is the official media partner of the forum. 

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