Iran, Russia keen to cooperate on oil market

 

International (IraqiNews.com) Iran and Russia will cooperate to regulate oil market to their own favor, local media reported.The agreement was made between Iranian President Hassan Rouhani and his Russian counterpart Vladimir Putin on last Tuesday evening, the Shana news agency affiliated to Iran’s Oil Ministry reported, adding that they “agreed on necessary cooperation in favor of oil market.”The agreement comes ahead of a Thursday ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) in the Austrian capital of Vienna to deal with the falling crude prices, the report said without further details about the two neighbor’s cooperation.Falling oil prices damaged Russia’s economy significantly and the non-OPEC oil-rich country is striving to find a solution for the issue.Earlier local reports said that Iran’s oil minister Bijan Namdar Zanganeh will propose a one-million-barrel cut in the daily output of OPEC in the Vienna meeting on Nov. 27. /End/