Zanganeh makes surprise visit to Moscow for oil talks

TEHRAN, Oct. 16 (MNA) – Iranian Oil Minister Bijan Namdar Zanganeh made a surprise visit to Moscow late on Monday to meet his Russian counterpart, Alexander Novak.

The ministers met behind closed doors right after Zanganeh’s arrival in Moscow.

On the sidelines of the meeting, Zanganeh said the visit was focused on bilateral cooperation in the field of oil and gas and the growing concerns in the global market.

The veteran minister added that the two sides discussed the possibility of regulating oil output based on OPEC’s agreement.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed to curb output by about 1.8 million barrels per day through 2018 to reduce global stocks, but the inventory overhang is now near OPEC’s target.

Novak, for his part, noted that his country and the Islamic Republic are in constant contact and discuss a wide gamut of bilateral issues.

This is an important step in boosting mutual cooperation in economic scopes, especially in the field of energy, he added.

The Russian minister reiterated Russia’s push for increasing oil output by one million barrels per day, and said easing output cuts would help calm consumer worries about supply adequacy and keep the global markets away from turmoil.

The OPEC’s largest producer Saudi Arabia and the non-OPEC Russia are pushing for a collective raise of one million barrels per day by oil producers.

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