Russia, Iran to cooperate on output freeze, crude up

Market Reports | Business | Economy | Politics | Markets 11/28/2016, 10:37 PM
Russia, Iran to cooperate on output freeze, crude up

Russian President Vladimir Putin discussed joint cooperation on the oil output freeze with Iranian counterpart Hassan Rouhani, Kremlin stated on Monday. According to the report, the two leaders talked over the prevailing energy market situation while also addressing the Syrian crisis currently unfolding in the Middle East.

"The Presidents agree to continue coordinating steps on the world’s hydrocarbons market, including within the framework of the energy dialog between Russia and the Organization of Petroleum Exporting Countries [OPEC],” the statement noted. Moscow also highlighted that it was of “fundamental importance” that the organization takes appropriate production cap measures in order to battle the current crude market oversupply.

The two presidents discussed the importance of bilateral relations between Russia and Iran and noted the already visible results of economic cooperation.

Meanwhile, energy prices continued to trade in the green despite the fact that the OPEC technical meeting in Vienna from earlier today produced no results so far. WTI for January delivery traded 2% higher at $46.92 per barrel at 10:20 p.m. CET while Brent settlements for January added 1.95% at $48.04 per barrel at 10:21 p.m. CET.

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