IRAN OIL MINISTER SAYS RUSSIA READY TO CUT OUTPUT

Oil-Field

LONDON (Alliance News) – Iran Oil Minister Bijan Namdar Zanganeh said Russia has abandoned its previous stance and is ready to participate in limiting supply, reported Bloomberg.

OPEC will reach an agreement and Russia will join in cuts following talks between Russian leader Vladimir Putin and Iranian president Hassan Rouhani, according to Zanganeh.

“The Russian energy ministry, which met with our friends Algeria and Venezuela in Russia, changed their view and said they will cut their production,” he said on Wednesday.

The comments came as OPEC held a meeting in Vienna, Austria to discuss curbs to production.

If OPEC can broker a production deal, then Russia is ready to join with a more flexible position than a freeze, including potentially decreasing its own production, Bloomberg reported citing a person “familiar with Russian thinking”.

https://www.bloomberg.com/news/articles/2016-11-30/opec-decision-day-as-ministers-meet-to-salvage-deal-on-oil-cuts

By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1

Copyright 2016 Alliance News Limited. All Rights Reserved.

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