Iran, Russia agree on new energy contracts
Iran’s oil minister and Russia’s energy minister agreed on signing new contracts to develop oil and gas fields.
Javad Owji and Nikolai Shulginov exchanged views on the implementation of oil and gas contracts the two countries signed before on the sidelines of the 7th Gas Exporting Countries Forum (GECF) Summit of Heads of State and Government in the Algerian capital Algiers, Shana wrote.
Representatives of some Russian companies, including Gazprom and Zarubezhneft, also attended the meeting, during which establishment of a gas hub within the framework of the Shanghai Cooperation Organization (SCO) in the Eurasian region, gas trade between Iran and Russia as well as other countries in the region, construction of infrastructure needed for brisk trade, and connection of electricity grids of Iran and Russia were also discussed.
Talks with OPEC secretary general
On Saturday, Owji and OPEC Secretary General Haitham Al Ghais exchanged views on developments of the global oil market in Algiers.
The two officials discussed factors influencing the oil market, the oil industry’s role in the OPEC member states’ budgets, and prediction of oil prices in 2024.
Geopolitical impacts on global oil prices, increase in global demand for oil stemming from economic growth, investments in the OPEC member states’ oil projects, and their commitment to the Organization of the Petroleum Exporting Countries and particularly to the OPEC+ alliance were also among the topics Owji and Al Ghais discussed.