Iran Courts Russia for Oil Cooperation, Speaks of Significant Increase in Oil Exports

While Iran’s Petroleum Minister Bijan Zangeneh and the Russian counterpart, Alexander Novak, are discussing ways to strengthen bilateral cooperation, Iran confirmed its resolve to cooperate also with other countries, explaining that the next summit of the Gas Exporting Countries Forum will take place in Teheran on November 23.

“Russians know how to do business in Iran and we hope the visit will bear positive results,” Deputy Petroleum Minister for Commerce and International Affairs Amir-Hossein Zamaninia told Shana, the news agency linked to the Oil Ministry. 

Zamaninia spoke mainly about oil, saying it aims at restoring balance in the market at 70 to 80 dollars per barrel, working together with OPEC countries. 

On the other hand, Iran plans to increase its exports.

“An export increase of 500,000 barrels a day after removal of sanctions and a subsequent increase of another 500,000 barrels within six months are on the agenda based on the current capacity of crude production,” Mansour Moazzami said.

Iran also voiced its support to the Gas Exporting Countries Forum. 

“It is a technically advanced model which is designed to forecast market behavior based on the facts from 133 countries, their fields and wells,” Secretary General of the Gas Exporting Countries Forum (GECF) Mohammad-Hossein Adeli said, referring to the new document to be presented on November 23.