Mr. Zangeneh will also meet with Russian Deputy Prime Minister Alexander Novak and Energy Minister Nikolai Shulginov.

Oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) along with their non-OPEC allies in a grouping called OPEC+ Producers recently decided to facilitate an agreement to reduce their oil production cuts by 500,000 barrels per day as of January 2021 and hold monthly ministerial meetings to assess the market conditions and take future decisions.

Accordingly, the daily production cuts of OPEC+ members will decrease from currently 7.7 million barrels per day to 7.2 mbd in January 2021.

Iran, Venezuela and Libya remain exempt from any production cuts.