“In the meeting between Iranian and Russian ministers, both sides usually negotiate on OPEC and Non-OPEC cooperation as well as the international oil market,” Deputy Petroleum Minister for Commerce and International Affairs Amir-Hossein Zamaninia told Shana.
“Directors of 10 major firms accompany the Russian energy minister, he added, “Russians know how to do business in Iran and we hope the visit will bear positive results,” he added.
He also said Iran is ready to increase its crude oil exports after removal of sanctions. “We hope to reach an understanding with OPEC in political terms for supplying Iran’s oil.”
Following a call by Venezuela, OPEC technical experts will meet on Wednesday in Vienna to exchange views on ways of stabilizing and raising the price of oil in global markets. The expert-level meeting of OPEC will take no decision and its report will be communicated to the ministers.
Saudi Arabia has tied any reduction in its output to a parallel move by Russia. However, Russia has announced that due to technical issues of its wells in Siberia, it is not ready to lower production because it will lose part of its oil recovery.
Iranian Petroleum Minister Bijan Zangeneh has said that Tehran in cooperation with other OPEC member states is following up decisions to bring balance back to global oil markets aiming at 70 to 80 dollars per barrel.
“Oil prices at 70 to 80 dollars will be fair, and majority of OPEC members agree with the figure,” he said in a televised program in September.
The Iranian minister said three factors of stronger dollar against euro, lack of demand, as well as the sharp slash in China’s demand have given rise to the plummeting oil prices.
Attributing low global oil prices to the oversupply market, Zangeneh said some members of the organization mistakenly thought they could pressure US shale oil with cheap prices or make non-OPEC producers to follow their policies.
Also Iranian President's Chief of Staff Mohammad Nahavandian said certain oil-producing countries have impaired the rights of others by taking uncalculated and unorganized actions.
“The countries which were behind lowering crude oil prices, are suffering from its repercussions,” he told the visiting Venezuelan Vice-President and Finance Minister Rodolfo Marco Torres.
In the meantime, Iran’s Ministry of Petroleum is preparing for the post-sanction era and is planning programs for an increase in production and export of crude oil, said the ministry’s deputy for planning and monitoring of hydrocarbon resources.
“An export increase of 500,000 barrels a day after removal of sanctions and a subsequent increase of another 500,000 barrels within six months are on the agenda based on the current capacity of crude production,” Mansour Moazzami said.
“If we want to have a role in OPEC or among oil producing countries and firms as an actor, we must have a high production capacity. It the reason to follow a strategy of output increase by 740,000 to 1 million barrels per day during the Sixth Economic Development Plan,” he said.
Moazami said Iran will win back its quota in the global oil markets by doubling the current output to 2 million barrels per day within six months after sanctions are lifted. “Iran’s crude oil has its buyers. As soon as the sanctions are withdrawn, we will not wait and will do our utmost to boost export.”
Moazami, who is also head of energy committee of the Tehran Chamber of Commerce, said Iran is pushing to regain its quota of 14.2 percent within OPEC and later to increase its share in the global market.
Iran was OPEC’s second-biggest producer before US-led sanctions banned its customers from purchasing, transporting, financing and insuring of its crude in mid 2012.
The Ministry of Petroleum will organize two conferences to introduce Iran’s new oil contracts in Tehran and London on November 21-22 and February 22-24 respectively.
In September, Zamaninia said Russia’s second major oil and gas company Lukoil is ready to enter into an initial agreement with Iran in the areas of enhanced oil recovery, exploration and crude oil extraction,
The Russian giant’s CEO Vagit Alekperov met Zangeneh during which he said Lukoil is ready for bilateral cooperation in Enhanced Oil Recovery (EOR), and Improved Oil Recovery (IOR) with Iran, he told Shana.