RE:LEG is a wreckIranian President Hassan Rouhani agreed to cooperate with Russia to support oil markets in a phone conversation with that country’s leader
Vladimir Putin, according to Shana, the
Iran oil ministry’s news service.
Rouhani and Putin “agreed on necessary cooperation” to shore up crude prices during the call yesterday evening, Shana said. The report provided no details of what the two presidents agreed on or whether they would take joint action.
The Organization of Petroleum Exporting Countries will meet Nov. 27 to decide how to respond to the slide in crude prices and whether to cut production.
Brent crude, the European oil benchmark, dropped into a
bear market last month after falling more than 20 percent from its high for the year in June.
Declining prices are hurting oil exporters including Iran, OPEC’s fifth-biggest producer, and Russia, the world’s second-largest supplier, after
Saudi Arabia. OPEC officials are gathering in Vienna after diplomatic consultations that also involved non-members such as Russia.
Iran’s Oil Minister Bijan Namdar Zanganeh will meet his Saudi counterpart
Ali Al-Naimi before the group meets in the Austrian capital, to discuss a proposal that the group cut 1 million barrels a day of output, Iran’s state-run Mehr News agency reported Nov. 23. Russia’s Energy Minister Alexander Novak will hold meetings with fellow producers alongside the Vienna gathering.
Venezuelan representatives will meet with officials from Russia, Mexico and Saudi Arabia later today, according to a Venezuelan official who asked not to be identified in line with policy.
Russia hasn’t decided to cut oil production and is already helping to balance the market by keeping output steady, Novak, the country’s energy minster, said yesterday in an interview with state TV channel Rossiya 24. There’s only a small chance OPEC will agree to reduce output this week, he said.
To contact the reporter on this story: Anthony DiPaola in Dubai at
adipaola@bloomberg.net
To contact the editors responsible for this story: Nayla Razzouk at
nrazzouk2@bloomberg.net Bruce Stanley, James Herron