According to Reuters, oil prices are being supported by U.S. sanctions on Iran and Venezuela along with voluntary supply cuts by the Organization of the Petroleum Exporting Countries and other major producers.

“Oil market is in a fragile situation considering the supply and demand balance, so the oil producers should be wary of any trouble in the oil market, especially due to U.S. measures against big oil producers,” Mr. Zangeneh was quoted as saying by IRNA upon his arrival in Moscow, Reuters reported.

He was traveling to Moscow to discuss the oil market with his Russian counterpart Russian Energy Minister Alexander Novak, Reuters said.

Mr. Zangeneh said, “Russia is one of the biggest oil producers in the world, and we are in a situation that we thought it is necessary to discuss the oil market with our Russian friends.”