Volume. 11960

Oil barter deal with Russia hard to seal: Iran
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TEHRAN – Iran and Russia will find it hard to agree any oil or gas trade deal because they are rivals in both markets, an Iranian deputy oil minister said on Monday, Reuters reported.
Iran and Russia have been discussing various ways of increasing bilateral trade, including Moscow possibly taking up to 500,000 barrels a day of Iranian oil in exchange for Russian goods that Iran needs.
Ali Majedi, Iran’s deputy oil minister for international affairs and trade, said Moscow and Tehran would struggle to agree such a deal.
“Many people think oil and gas is the main issue but this is very difficult because both countries are producers and exporters of oil and gas,” Majedi told reporters on the sidelines of a conference in Dubai.
“Maybe this is one way but it's not easy and up to now no contract, no agreement, has been signed between the two countries. But the negotiation is continuing.”

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