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Iran, Russia Pledge Joint Efforts to Stabilize Global Oil Market

Iran, Russia Pledge Joint Efforts to Stabilize Global Oil Market Energy

Iranian Oil Minister Bijan Zangeneh and Russian Energy Minister Alexander Novak discussed potential further regulations in oil production under the deal reached between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, a report said.

At a working meeting in Moscow on Monday, Zangeneh and Novak discussed the situation in the world oil market, the Russian Energy Ministry said, according to Xinhua.

Noting the world's growing energy demand, the ministers touched upon the possibility of further regulating production under the OPEC and non-OPEC agreement to "prevent overheating of the oil market."

"Having increased production by 1 million barrels per day by joint efforts, we hope to stabilize the market and show ourselves as responsible players creating stable and predictable rules in the oil sector in the interests of all -- producers, consumers and investors," Novak said.

In June, OPEC and non-OPEC oil producers decided to stick to 100 percent conformity of predetermined oil production cap, thus allowing an increase of oil production as the deal participants have reduced the output more than required in the past months.

Zangeneh and Novak also discussed cooperation between the two countries in fuel and other energy sectors.

Novak underlined that constant contacts between Russia and Iran contribute to strengthening their bilateral cooperation in a whole range of trade and economic relations, including the energy sector.

source: Tasnim


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