Iran oil minister says current oil price satisfies Russia

Iran oil minister says current oil price satisfies Russia

Baku, Azerbaijan, Oct. 22

By, Fatih Karimov - Trend:

Iran's Oil Minister Bijan Namdar Zanganeh says the current oil price satisfies Russia.

After a meeting with Russian Energy Minister Alexander Novak, Zanganeh told journalists that Russia believes that the interference from outside of the international oil market's nature mustn't be carried out and the market should recover itself naturally, Shana reported Oct.21.

Oil prices have halved since mid-2014, plunging from about $108 to below $50 currently.

According to Zanganeh there are about 1.5 million barrels of surplus oil production per day globally, but Russia says that it hasn't increased oil output and those who have increased should decrease production to push the price higher.

Iran has called upon OPEC members to decrease oil production. The members have agreed to keep the production ceiling at 30 million barrels per day (mb/d), but according to OPEC's latest monthly report, 12 members of this cartel increased by 0.11 mb/d to average 31.57 mb/d in September, while the demand for OPEC crude in 2015 is estimated to stand at 29.6 mb/d.

Zanganeh said that most of experts believe that the low oil price would continue next year and from the balance between demand and supply would be done in 2H16 and 2017 gradually.

Coming to negotiations between him and Novak, Zanganeh said that a part of the talks was about Russian companies involvement in Iran's upstream oil and gas projects. "We offer Russian companies to establish joint ventures with Iranian companies".

Russian Lukoil has announced that it is keen to resume projects to develop Iran's Azar and Anaran oil fields.

Lukoil had withdrawn from these projects due to sanctions, but Zanganeh says that sanctions on Iran are expected to be eliminated in two months.

Iran and P5+1 reached a nuclear deal on July 14, which paves the way to lift Iranian sanctions.

Iran is ready for oil swap operations with Russia. That's to say, it is ready to receive crude oil and petroleum products from the Caspian Sea and deliver it to the Persian Gulf.

Edited by CN

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