Tehran is ready to conclude oil and gas swap contracts with Russia, the Iranian Oil Minister Bijan Namdar Zanganeh said following talks with Russian Energy Minister Alexander Novak in Tehran.
The Iranian minister said that Tehran is ready to "receive crude oil, gas and oil derivatives from Russia in the north of Iran," and deliver oil products to Russian customers in the south.
Zanganeh also noted that he held talks with his Russian counterpart on the oil price on the markets. According to him, Novak believes that, despite the current oil prices putting the Russian economy under pressure, it should not reduce the level of production and exports.
Assessing the prospects of the oil market, Zanganeh pointed out that there are 1,500,000 barrels per day oil surplus on the market and the world economic growth rate was less than predicted." "As China has encountered with the unpredictable problems in its economy," TASS cited the Iranian Minister as saying.
