“Both Iran and Russia own rich oil and gas reservoirs and export huge bulk of their products to the market,” he added, “Therefore, relations of both countries can expand in the field of energy.”
“Negotiations between our countries have always been helpful and effective. We hope that the talks on oil sector can be useful too,” Zangeneh told the Russian minister.
He said his meeting in the morning with the Iranian minister of Communications and Information Technology Mahmoud Vaezi focused on the ways of raising the bilateral relations.
In addition to oil and gas cooperation, it is expected that Zangeneh and Novak will discuss latest developments in the global crude oil markets.
“Russians know how to do business in Iran and we hope the visit will bear positive results,” he told Shana on Tuesday.
Saudi Arabia has tied any reduction in its output to a parallel move by Russia. However, Russia has announced that due to technical issues of its wells in Siberia, it is not ready to lower production because it will lose part of its oil recovery.
Zangeneh has said Tehran supports a decision to restore balance in the global oil markets aiming at 70 to 80 dollars per barrel. “Oil prices at 70 to 80 dollars will be fair, and majority of OPEC members agree with the figure,” he said in a televised program in September.
In the meantime, Iran’s Ministry of Petroleum is preparing for the post-sanction era and is planning programs for an increase in production and export of crude oil, said the ministry’s deputy for planning and monitoring of hydrocarbon resources.
Moazami said Iran will win back its quota in the global oil markets by doubling the current output to 2 million barrels per day within six months after sanctions are lifted. “Iran’s crude oil has its buyers. As soon as the sanctions are withdrawn, we will not wait and will do our utmost to boost export.”
Ministry of Petroleum will organize two conferences to introduce Iran’s new oil contracts in Tehran and London on November 21-22 and February 22-24 respectively.
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