Saudi Arabia will decrease oil production only if Russia does

October 19, 2015 9:20 am 

MOSCOW, Oct. 19 — Riyadh will decrease its oil production only if Russia cuts output, Iranian representative to OPEC said Sunday.

The IRNA news agency quoted Mehdi Asali, who also heads the Energy Associations Affairs Department at Iran's Ministry of Petroleum, as saying "the oil supply surplus in the market has led to falling prices which can be offset by decrease in production."

Asali made his comments ahead of a technical meeting of oil experts from OPEC and non-OPEC states in the UN Vienna headquarters on October 21.

On Wednesday, Russia's Energy Minister Alexander Novak told reporters that Russia was planning to meet with Saudi Arabian counterparts in November to discuss the current oil market.

Global oil prices have halved compared to summer 2014 levels, when the price of Brent crude stood at about USD115 per barrel. Current oil prices are hovering around USD50 per barrel. (PNA/Sputnik)

JBP/SSC

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