Saturday 18 July 2015 - 00:40
Story Code : 172408
Moscow, Riyadh share view on oil prices following lifting of Iran sanctions
MOSCOW (Sputnik) The Russian Energy Ministry and the Organization ofthe Petroleum Exporting Countries (OPEC) will discuss world prices onoil inline withthe lifting ofsanctions againstIran onJuly 30, Russian Energy Minister Alexander Novak told journalists.
On Tuesday, Tehran and the P5+1 group ofinternational negotiators, including Russia, announced a final comprehensive agreement onthe Iranian nuclear program. The treaty will limit Irans nuclear program inexchange forthe relief ofWestern sanctions targeting the country's economy, including againstIranian oil exports.
"The main issue, which is discussed atevery meeting, is the situation onthe oil market inregard toproduction volumes, realization, and extraction, taking intoconsideration the lifting ofsanctions againstIran," Novak said.
He said that the Russian Energy Ministry and OPEC will discuss new technologies inoil extraction and monitoring systems oftaxation inother oil producing countries.
"Next time, we would liketo offer fordiscussion, asa second issue, the global situation withoil refining," Novak added.
He also pointed outthat Russia and Saudi Arabia share the same positions onfuture oil prices and the inexpediency toartificially lower volumes ofextraction.
"First ofall, we have similar opinions that its unnecessary toartificially decrease [oil] extraction, thats our common stanceThe market reacts byitself," Novak said, adding that both countries also agree onthe forecast offuture oil prices.
The discussion will be held amida current global market oversupply that is contributing todiminishing oil prices. OPEC declined tocut its output levels inNovember 2014, further deepening the slump inprices.
A previous meeting betweenNovak and OPEC's Secretary General Abdalla Salem el-Badri took place inSeptember 2014 inthe organizations headquarters inVienna, Austria.
By Sputnik
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