Russia plans to hold talks with Iran before OPEC+ ministerial meeting

TASS– Russia is going to hold talks before the OPEC+ ministerial meeting with Iran, the country that is still against proposals from Russia and Saudi Arabia to increase production, Russian Energy Minister Alexander Novak told reporters.

“We will meet with Iran right now,” he said.

The OPEC+ agreement, which unites 24 countries, has been in effect since the beginning of 2017. Over the past few months, the plan has been overfulfilled, including through declining production in Venezuela and a number of African countries. As of May of this year, the level of performance has reached 150%, which means that the deal participants reduced production by 2.7 mln barrels per day instead of the expected 1.8 mln barrels against the level of October 2016.

Against the backdrop of over-fulfillment of the agreement, the ministers of the OPEC + countries started talking about the need to soften quotas and gradually restore production from the second half of 2018.

The meeting of the ministerial monitoring committee of OPEC+, which usually proceeds from the recommendations and future scenarios of the technical committee, is held on June 21 in Vienna. The ministerial monitoring committee, which includes six countries – Saudi Arabia, Russia, Kuwait, Venezuela, Oman and Algeria, in turn, makes recommendations to the OPEC+ meeting in large numbers, which will be held on June 22-23.