'Oil Market' main topic of discussion between Iran, Russia

TEHRAN, Dec. 21 (MNA) – Iranian Oil Minister said that ‘global oil market’ is the most important topic of discussion with Russian officials, stating that it is too early to talk about return of Iranian oil to the market.

Upon his arrival to Moscow on Dec. 20, Bijan Zanganeh stated, “In this visit, we will hold meetings with Russian officials as well as Russian oil companies, but our most important discussion is to review the latest developments in the global oil market, which is in a sensitive situation.”

He pointed to the key role of Russia in OPEC+ and added, “It is for several years that Russia has been playing a very constructive and effective role in OPEC+, along with members of the Organization of Petroleum Exporting Countries (OPEC) and other allies.”

Turning to the recent meeting between Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Abdulaziz bin Salman, he said that consultations between OPEC members and their allies have always been effective.

Asked if Iran is ready to return to the oil market, Zanganeh said that it is too early to talk about this issue.

Members of OPEC+ recently decided to facilitate their agreement to reduce oil production to 500,000 barrels per day in January 2021 and to hold monthly meetings to consider further adjustments in the coming months.

Iranian oil minister arrived in Moscow on Sunday night to meet with high-ranking Russian officials.


News Code 167430


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