It is too early to talk about the return of Iranian oil to the market

According to the Ministry of Petroleum, Bijan Zanganeh said on the evening (Sunday, December 20) upon his arrival in Moscow: “We will have meetings with Russian government officials as well as Russian oil companies, but Our most important discussion is examining the latest developments in the global oil market, which is in a critical situation.

“Russia has been playing a very constructive and effective role in OPEC Plus for several years, along with members of the Organization of Petroleum Exporting Countries (OPEC) and other allies,” he said.

The oil minister described talks between Tehran and Moscow as another focus of the two-day visit, and commented on a recent meeting between Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman. “Consultations between OPEC members and their allies have always been effective. As I said, Russia has played a good role in this.

Asked if Iran was ready to return to the oil market, Zanganeh said: “It is too early to talk about this.”

The members of the OPEC Plus coalition recently decided to facilitate their agreement to reduce oil production to 500,000 barrels per day in January 2021 and to hold monthly meetings to consider further adjustments in the coming months.

Accordingly, the daily production of OPEC Plus members from 7 million 700 thousand barrels in January 2021 will increase by 500 thousand barrels per day in January 2021 to 7 million 200 thousand barrels per day.

Iran, Libya and Venezuela were also exempted from production cuts under the agreement.