Russia, Iran pledge joint efforts to stabilize global oil market

Tuesday, 2018-10-16 14:54:09
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Russian Energy Minister Alexander Novak (R) and Iranian Petroleum Minister Bijan Namdar Zanganeh shake hands at a working meeting in Moscow, Russia on October 15, 2018. (Photo by Russian Energy Ministry).
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Russian and Iranian energy ministers on October 15 discussed potential further regulations in oil production under the deal reached between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, the Russian Energy Ministry said.

At a working meeting, Russian Energy Minister Alexander Novak and Iranian Petroleum Minister Bijan Namdar Zanganeh discussed the situation on the world oil market, according to a news release of the Russian ministry.

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.

Novak and Zanganeh 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 the whole range of trade and economic relations, including the energy sector.

Xinhua