• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 6 hours EU has already lost the Trump vs. EU Trade War
  • 53 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 7 mins Science: Only correct if it fits the popular narrative
  • 3 hours ''Err ... but Trump ...?'' *sniff
  • 34 mins China's Renewables Boom Hits the Wall
  • 54 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 6 hours Tesla Launches Faster Third Generation Supercharger
  • 15 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 7 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours Crazy Stories From Round The World
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
Four Ways Oil Has Made Our Lives Better

Four Ways Oil Has Made Our Lives Better

Fossil fuels are being scrutinized…

Iranian Oil Minister Heads For Energy Talks In Russia 

Zanganeh

Iran’s Oil Minister Bijan Zangeneh arrived in Moscow on Monday for senior-level talks regarding the global oil market and energy cooperation between Iran and Russia, the Islamic Republic News Agency (IRNA) reported.

Zangeneh will be meeting with Russian Energy Minister Alexander Novak to discuss energy-related issues, according to Iranian media.

Russia, the leader of the non-OPEC group of nations part of the OPEC+ deal, was reportedly the deal broker that convinced Iran to agree to the wording of the production cut deal that began on January 1 and currently expires in June.

Iran, alongside Libya and Venezuela, was exempted from the production cuts at the OPEC/non-OPEC meeting in December, due to the U.S. sanctions on its oil industry.

The visit of the Iranian oil minister in Moscow comes a month before the United States is due to decide whether to extend all or some or none of the waivers it had granted to key Iranian oil customers when it re-imposed the sanctions in early November.

The U.S. waivers for eight key Iranian oil customers, including China, India, Japan, and South Korea, expire in early May.

While the U.S. Administration says that it continues to pursue zero Iranian oil exports, analysts expect Washington to extend waivers to at least a few of the currently exempted buyers, with reduced volumes allowed under the new waivers, as the Administration wouldn’t want to push oil prices too high.

Russian oil companies, on the other hand, are currently sticking to the production cuts through June. The firms have not discussed production plans for the second half of the year and have decided that they would do so after April, Vagit Alekperov, president and CEO of Russian oil producer Lukoil, said last month.

Last week, reports had it that Russia—always the reluctant actor in OPEC+ cuts extensions—may not support an extension of the deal for the full six months until the end of the year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play