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Oil
prices are being supported by U.S. sanctions on Iran and
Venezuela along with voluntary supply cuts by the Organization
of the Petroleum Exporting Countries and other major producers.
“Oil market is in a fragile situation considering the supply and
demand balance, so the oil producers should be wary of any
trouble in the oil market, especially due to U.S. measures
against big oil producers," Zanganeh was quoted as saying by
state news agency IRNA upon his arrival in Moscow.
Zanganeh was traveling to Moscow to discuss the oil market with
his Russian counterpart Russian Energy Minister Alexander Novak.
"Russia is one of the biggest oil producers in the world, and we
are in a situation that we thought it is necessary to discuss
the oil market with our Russian friends," Zanganeh said.
The U.S. reimposed sanctions on Tehran in November after pulling
out of a 2015 nuclear accord between Iran and six world powers.
Those sanctions have already halved Iranian oil exports.
The United States is likely to renew waivers to sanctions for
most countries buying Iranian crude, including the biggest
buyers China and India, in exchange for pledges to cut combined
imports to below 1 million barrels per day.
U.S. President Donald Trump eventually aims to halt Iranian oil
exports and thereby choke off Tehran’s main source of revenue.
Washington is pressuring Iran to curtail its nuclear program and
stop backing militant proxies across the Middle East.
(Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens
and Jane Merriman)
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