Iran is exporting oil as usual and has no plans to cut crude exports, a senior Iranian oil official told Reuters on Wednesday, a day after the president was quoted as saying Tehran was considering a plan to cut production.

"There is no plan to cut exports and we keep our promises (to clients) ... and we export as usual," said Hojjatollah Ghanimifard, international affairs director at the National Iranian Oil Company (NIOC).

Oil surged to a record peak near $127 on Tuesday after Iranian President Mahmoud Ahmadinejad was quoted as saying Opec's second largest producer was studying a plan to cut output despite signs record-high prices are hurting consumer nations.

Iranian Oil Minister Gholamhossein Nozari earlier on Tuesday said Iran was reviewing how much oil it pumps, but no decision had been taken on any changes.

The review of crude output may be related to the growing volume of oil Iran is holding offshore in vessels being used as temporary storage during the seasonal spring lull in demand from global refiners, an oil industry source said.

Consumer nations have called on Opec to ramp up production to help ease the sting of high fuel prices, but most members have resisted, saying that markets are well supplied and stocks ample. None are known to have publicly aired the idea of cutting output.

Iran's production topped 4.2 million barrels per day (bpd) in March, nearly 5 percent of global supply and its highest since the 1979 Islamic revolution. Refiners in Asia said on Tuesday they had not been told of any potential cut in supplies.

The supply threat added to a global market already uneasy over supplies of distillates like heating oil and diesel fuel.

Oil was little changed below $126 on Wednesday, with traders awaiting an expected rebound in weekly US distillate stocks and still on edge over the previous day's report from Iran. - Reuters