Azernews.Az

By Abdul Kerimkhanov

Despite their growing rivalry in the global oil market, Moscow and Tehran remain strategic partners.

Iranian Oil Minister Bijan Zangeneh and his Russian counterpart Alexander Novak discussed the latest developments in the oil market and stressed the importance of developing mutual cooperation in the oil sector.

During the meeting, both sides reviewed bilateral relations in the field of fuel, energy, the global market and cooperation within the Organization of Petroleum Exporting Countries (OPEC) on April 1, reports IRNA.

Novak referred to the fact that relations between Iran and Russia will be strengthened and said that Moscow is following the policy established by the leaders of both countries regarding the development of cooperation.

He added that Russia is trying to expand the legal framework and implement key plans for investment.

Novak, who is the chairman of the Joint Commission on Economic Cooperation between Iran and Russia, expressed his joy at the development of comprehensive relations.

He also pointed to the talks between the leaders of Iran and Russia on the development of oil fields, noting that cooperation between the two countries will be strengthened.

Novak said further that Russia will support cooperation with Iran within the framework of the implementation of the OPEC + agreement and the gas exporting countries forum.

He noted that the 15th meeting of the Joint Economic Commission of Iran and Russia is to be held in Isfahan on June 18.

Meanwhile, Zangeneh told reporters that negotiations with the Russian side focused on bilateral relations in the oil and energy fields and the situation on the world market.

Referring to the discussion of U.S. sanctions with the Russian side, he said that three oil giants, namely Iran, Venezuela and Russia, are under illegal U.S. sanctions.

Zangeneh added, the sanctions created instability in the oil market and worried oil consumers.

Commenting on the impact of the Instrument in Support of Trade Exchanges (INSTEX) on the promotion of financial relations in a nuclear deal with Iran, also known as the Joint Comprehensive Plan of Action (JCPOA), Zangeneh said that Iran has high hopes for this.

He added that Tehran hopes for the introduction of INSTEX.

Iranian Oil Minister arrived in Moscow on April 1 for summit talks with officials of the country on the oil market and energy cooperation between the two countries.

Diplomatic relations between Iran and Russia were established in the 16th century.

In 2018, Iran's trade with Russia amounted to $ 1,7 billion, an increase of 2 percent compared with 2017.

Iran's exports to Russia totalled $ 533 million, a decrease of 8.1 percent compared with 2017.

Iran's imports from Russia amounted to $ 1,2 billion, an increase of 36 percent compared with 2017.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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