Sanctions Will Not Hinder Iranian Oil Production

TEHRAN, March 6 (Reuters) - Iran's oil minister said on Thursday the latest U.N. sanctions on Tehran over its disputed nuclear plans would not affect the oil sector in the world's fourth-largest crude producer.

Gholamhossein Nozari was also quoted as describing this week's OPEC meeting in Vienna as positive and said the impact of the cartel's decision to keep production unchanged would be seen in coming weeks.

OPEC ministers agreed to hold output steady and said oil prices which hit an all-time high on Wednesday were driven by factors beyond their control. U.S. crude surged to a record $104.95 a barrel in late Wednesday trade...

But he said: "The impact of OPEC's decision on oil prices will become clear in future weeks and one should see how the price growth develops in future weeks."

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Eariler this week, Iran wanted to cut back oil production. However, according to this article, OPEC ministers have agreed to keep output at the current amount. Though the U.S. continues to place sanctions on Iran, this Middle Eastern country plans to reign as the "world's fourth-largest crude producer."

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