Iran to start crude oil export to Russia soon

Shana– Iran will begin exporting 100,000b/d of crude oil to Russia within the next two week, Iranian Minister of Petroleum Bijan Zangeneh said.

Following a meeting with his Russian counterpart here in Tehran on Tuesday evening, the official said Iran will begin shipments to Russia after signature of a deal for export of 100,000b/d of crude.

“Tehran and Moscow will sign a deal for export of Iran’s crude oil to Russia in the near future,” Zangeneh told reporters after the meeting.

He said Russia will pay 50% of the cash for Iran’s crude oil at pre-determined deadlines and will settle the rest by supplying Russian goods to Iran.
The official also underlined Russia’s constructive role in the historical deal struck between OPEC and non-OPEC oil producers.

Russia has committed itself to curb 300,000b/d of its crude oil output to join the deal.