21 October 2015 - 17:35
  • News Code: 248845
Russia is Satisfied with Oil Prices: Zangeneh

TEHRAN Oct. 21 (Shana) – Iranian Petroleum Minister Bijan Zangeneh said Russia is satisfied with the current crude oil prices and says that despite of being under pressure, the existing figures are acceptable.

Speaking to reporters following a meeting with the visiting Russian Energy Minister Alexander Novak here on Wednesday, the Iranian minister said, “Russians have a classic view that the oil market shall not be interrupted from outside its nature.”

“They hold the view that the market should be left to the natural conditions. Mr. Novak said that Russia did not have extra production which could result in the surplus market; therefore, measures should be taken to maintain market’s authority.”

To a question on the oil markets prospects, Zangeneh referred to the 1.5 million barrels surplus in the market and said, “Global economic growth has been below the forecasts, and China is facing unpredictable economic challenges. The current prices are the consequence of the problem on the both sides of supply and demand.”

To another query on his estimate the future prices, the Iranian minister abstained from providing figures, but said that the upcoming OPEC meeting will discuss the issue of prices for 2016 and 2017.

When asked about bilateral ties with Russia, Zangeneh said in the meeting with Novak it was decided that Russian oil and gas companies will take part in the Tehran conference in November in which Iran’s new petroleum contracts will be unveiled.

“Of course, the Russian companies have been in negotiations with the oil sector and have received further information for cooperation in this regard.”

In the meeting, he said, the Russian companies were advised to be active in the provision of services or goods in the oil industry through partnership with the authorized Iranian firms and embark on joint ventures through registration of companies.

“We invited Russian companies for presence in Iran’s downstream oil sector including refining and petrochemical industry.”

SWAP, multilateral ties, OPEC and non-OPEC cooperation, and next GECF summit in Tehran, Zangeneh added, were also discussed between the Iranian and Russian ministers.

“The prospects of expansion of cooperation between the two countries are very clear and we hope to sign good contracts in these fields,” he said.

News Code 248845

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