Tehran, Moscow share views on how to stabilize global Oil market
Iran and Russia have similar views on how to stabilize the global oil market, the Iranian oil minister said during a visit to Moscow.
Bijan Namdar Zanganeh, who is visiting Moscow, said the agreement was reached in meetings with Russian officials.
“During discussions in Moscow, we exchanged views on how to stabilize the global oil market,” he said.
“During these years, Russia has played a determining role in stabilizing the global oil market, and we held talks within the OPEC Plus framework given serious cooperation within OPEC. We shared similar ideas in that regard,” Zanganeh added.
“The OPEC Plus meeting will be held on January 4. A meeting will also be held in February in this regard,” he said, according to the government’s website.
“Both countries underlined that this (these meetings) is important for the maintenance of stability on the global oil market and the future possibilities in this arena,” he noted.
Zanganeh has traveled to Russia for talks on the latest developments in the international oil market.
The oil and energy ministers of members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies, known collectively as OPEC+, have agreed recently to increase production by 500,000 barrels per day beginning in January 2021.
They have also decided to hold regular meetings in the coming months to discuss a further rise in output.
The current production cut of 7.7 million BPD by the OPEC+ will change in January 2021, as the new increase in oil output will bring the total production cuts to 7.2 million BPD.
Iran, Venezuela, and Libya are exempt from output cuts.
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