Russian energy minister due in Iran

EghtesadOnline: Russia’s Minister of Energy Alexander Novak will travel to Tehran December 13 to meet Iran’s Minister of Oil Bijan Zanganeh.

News ID: ۷۷۲۱۵۵

11 December 2016

According to Trend news, Novak’s visit comes a few days after the 171st meeting of the OPEC, where members decided to cut down on their output by 1.2 mbpd starting January 1, 2017. Also, it was agreed there that OPEC non-members lower their output by 600,000 bpd.

Iran has been exempted from crude output cuts. The country just recovered from sanctions in January. Since then, Iran has managed to regain its pre-sanctions OPEC quota, ILNA reported.