Iran hopes S. Arabia, Russia to align with oil cuts

October 23, 2016 - 19:18

TEHRAN – Iran says it is hoped that Saudi Arabia and Russia, the two top oil producers within and outside the Organization of Petroleum Exporting Countries, will come to terms and cut production in order to boost global prices.

“We hope that Russia and Saudi Arabia will reach an understanding on production cap and other non-OPEC members also support the organization,” Shana quoted Oil Minister Bijan Namdar Zanganeh as saying on Sunday.

OPEC members agreed to limit production for the first time since 2008 at an informal meeting in Algiers in September. The goal is to cut production to a range of 32.5-33 million barrels per day. They are due to formalize the deal when they meet on November 30. 

“Since OPEC has reached the framework of an agreement, efforts should be made so that non-OPEC countries can also agree among themselves,” Zanganeh said.

Russia’s Energy Minister Alexander Novak met with counterparts from Saudi Arabia and other Persian Gulf Arab oil producers on Sunday to discuss steps to stabilize crude markets, Bloomberg reported.

Novak is set to meet representatives of the Organization of Petroleum Exporting Countries on Monday in Vienna for talks that could include production cuts.


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