Azernews.Az

By Gunay Hasanova

Russian President Vladimir Putin and Iranian President Hassan Rouhani agreed in a telephone conversation to coordinate steps in the hydrocarbon markets, including in the framework of the energy dialogue between Russia and OPEC, RIA Novosti reported with the reference to the Kremlin Press Service.

"The presidents agreed to continue to coordinate the steps in the global hydrocarbon markets, including in the framework of the energy dialogue between Russia and the Organization of Petroleum Exporting Countries. It is noted the fundamental importance of OPEC measures taken to restrict the production of raw materials as a key factor in stabilizing the global oil market”, said the message.

In addition to their trade and cooperation in hydrocarbons, Iran and Russia have also expanded trade ties in many non-energy sectors of the economy, including a large agriculture agreement in January 2009 and a telecommunications contract in December 2008

In July 2010, Iran and Russia signed an agreement to increase their cooperation in developing their energy sectors. Features of the agreement include the establishment of a joint oil exchange, which with a combined production of up to 15 million barrels of oil per day has the potential to become a leading market globally.

The trade turnover between the two countries amounted to $1.5 billion in July, while the figure is expected to double by March 2017.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova

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