Iran to sign oil contract to sell Russia 100,000 bpd

EghtesadOnline: Iran announced on Tuesday it will begin selling 100,000 barrels of oil a day to Russia within the next 15 days and receive payment half in cash and half in goods and services, Reuters reported.

News ID: ۷۷۴۱۲۰

22 February 2017

Iranian Oil Minister Bijan Namdar Zanganeh provided details about the deal after meeting Russian energy minister Alexander Novak in Tehran.

“Of course we were ready to sign the contract tonight but our Russian counterpart was in a hurry and had to go to the airport,” Zanganeh said. He added that a number of Russian companies have already signed memorandums of understanding with Iranian companies.

According to ISNA, Zanganeh said that Russia will be cooperating with an OPEC decision last November to cut production levels and will be reducing its oil output by 300,000 bpd.