News ID: 240827
Published: 0113 GMT April 01, 2019

Global oil market focus of talks in Russia: Iranian minister

Global oil market focus of talks in Russia: Iranian minister

Iran's oil minister said Monday that his visit to Moscow was aimed at talking with his Russian counterpart on the global oil market.

“Russia is one of the major producers of oil in the world, and we need to talk with our Russian friends on the issue,” Bijan Zangeneh told reporters upon arriving in Moscow, IRNA wrote.

“Oil market is in a fragile situation in terms of supply and demand,” he said, “and the producers should be watchful in order to prevent problems in the market, particularly amid the measures the US has taken against major oil producers.”

Referring to the oil sanctions imposed by Washington on Iran and Venezuela, the minister said that some part of the talks with Russian officials would be focused on the problems caused by oil producers, including Libya and Nigeria.

Zangeneh and his Russian counterpart Alexander Novak also will discuss development of Iranian oil fields by Russian companies.

Iran's oil was sanctioned by the US after President Donald Trump unilaterally withdrew from the 2015 Iran nuclear deal. Major Iranian crude buyers, however, received waivers from sanctions. Reports suggest that Washington is likely to extend the exemption for China, India, Turkey and South Korea, the major Iranian oil importers, for another six months.


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