FXStreet (Mumbai) – As Reuters reported, Russia and OPEC Secretary-General Abdullah al-Badri will discuss oil markets and the Iran situation in Moscow on July 30 amid sliding oil prices, Russian Energy Minister Alexander Novak said.
Novak noted, “We will discuss the situation on the oil and gas market on the whole, taking into account the lifting of sanctions on Iran. The prices will be determined by the production costs of shale oil.”
Novak further added that Russia and Saudi Arabia had agreed at the meeting last month that deliberate oil production cuts are unnecessary as the market will regulate prices itself.
Novak said Russia, which has been pumping oil at a post-Soviet high of 10.71 million barrels per day, was seen maintaining high output next year.
This comes a couple of days after Iran and six world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing of international sanctions on Tehran and higher oil exports.
(Market News Provided by FXstreet)