Russia and Iran Strengthen Cooperation for Oil and Gas

Putin and Rouhani strengthening their countries' cooperation for oil and gas
Image Source: Wikimedia Commons

Confirmed by Russian President Vladimir Putin, his country and Iran are going to strengthen collaborative efforts for oil and gas, as well as boost economic development.

During a joint news conference with Iranian President Hassan Rouhani in Moscow, Putin said:

“Russia sees a great potential for enhanced oil and gas industry cooperation. Leading Russian companies have reached a number of important agreements concerning the development of major hydrocarbon deposits in Iran.”

Basically, the two sides welcomed the agreements reached by the members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries to balance the supply and demand in the global oil market within an acceptable price range. Also, they reached an agreement to cooperate more at stabilizing the global energy market and promoting sustainable economic development.

Moreover, the two countries agreed to continue their cooperation within the Gas Exporting Countries Forum (GESF), which is aimed at creating a mechanism for better relationships between oil and gas companies and consumers to attain security and stability of supply and demand in the market.