Shana� Deputy Minister of Petroleum for International Affairs and Trading Amir-Hossein Zamaninia says Iran-Russia economic and diplomatic relations are not balanced, so their economic relations need to expand.
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Zamaninia told the Iran-Russia Energy Committee Meeting on Monday that Iran-Russia energy committee session seem to be more vibrant than the Iran-Russia joint committee and highly affected by the atmosphere of the session.

He noted that the capacity for promotion of cooperation between Iranian and Russian oil and gas companies is times higher than the present one.

He hoped that the today session will serve as a small step towards the right course to narrow down the gap.

The official said, "In my opinion, the ground is prepared to lift the gap and to promote� cooperation between Iranian and Russian companies."

"There is no major problem with capital for� Iran-Russia ties in oil and gas. In talks with foreign companies and countries, investment is the focal point of talks regarding the fact that the NIOC has limited capital, while Iran-Russia capital is in a very high level."

Also referring to recent OPEC and non-OPEC session, Zamaninia said prior to the meeting, the two countries' investment capacity was something about eight billion dollars but after that the figure can reach 10 billion dollars.

Zamaninia said the Brent crude price after the November 30 OPEC accord and also after the December 10 OPEC-non-OPEC agreement reached more than 56 dollars from 46 dollars. "Oil price increase can be a good news for the oil companies."

The 13 OPEC states had in their November session agreed to cut output by 1.2 million to bring about equilibrium in the market and push up prices. Also the December 10 meeting of the OPEC and non-OPEC states agreed that along with other non-OPEC states, Russia will cut its production by 560,000 to 600,000 barrels. Russia's share in the bulk has been specified at 300,000 barrels per day.