Russian, Iranian ministers discussed oil production recovery within OPEC+ deal framework
Russian Energy Minister Alexander Novak held a meeting with Iran’s Oil Minister Bijan Namdar Zangeneh on Monday. Ministers discussed further recovery of oil production within the OPEC+ deal framework, the Russian Energy Ministry says, according to TASS.
"The issue of meeting growing demands for energy resources across the globe and prevention of oil market ‘overheating’ is in the agenda. We hope to stabilize the market and show ourselves as responsible participants by boosting production by 1 mln barrels daily through joint efforts," Novak is quoted as saying by the ministerial press service. "The countries speak in favor of creating stable and predictable rules of the game in the oil sector," the Russian minister says.
Ministers discussed further regulation of production within OPEC+ agreement framework and cooperation between the two countries in sectors of the fuel and energy complex.
In May 2017, Iran and Russia reached an agreement to begin oil supplies under the oil-for-goods program established back in 2014, when the anti-Iranian sanctions were still in effect. The volume of the deal was agreed to stand at 100,000 barrels a day or 5 mln tonnes per year.