Russian energy min. to hold talk with Iran’s oil minister

The Iranian minister is scheduled to meet with Deputy Prime Minister of Russia, Alexander Novak, and Energy Minister Nikolai Shulginov.

Earlier in December, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries decided to increase oil production by 500,000 barrels per day (bpd) in January 2021.

It means the group would move to output curbs by 7.2 million bpd early next year, compared with current cuts of 7.7 million bpd.

Iran, Venezuela, and Libya are exempt from any production cuts.

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