Iran’s Petroleum Minister Bijan Namdar Zanganeh discussed oil production cuts by member states of the Organisation of the Petroleum Exporting Countries (OPEC) in a meeting with Vagit Alekperov, Russia’s Lukoil chief executive director in Vienna.
Alekperov said that his talks with Zanganeh focused on OPEC oil cuts that will be expired in March 2020.
He said that oil cuts are enough to keep prices at 64 dollars a barrel.
Russia is eager to elevate the upper limit as it wants to export more gas condensates to China.
Iran’s Zanganeh says Russia’s request is “logical” as gas condensates are not the main focus of OPEC.
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