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Russia and Iran agree to reduce their oil output

Russia and Iran agree to reduce their oil output
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Russian President Vladimir Putin and Iranian President Hassan Rouhani have agreed to cooperate in a bid to stabilise the global enegy market.

Russian gas producers Gazprom and National Iranian Oil signed an agreement to reduce their output.

It came at the end of the Iranian leader’s official two day visit to Moscow, when President Putin also announced investment in Iran’s energy market.

He said: “Leading Russian companies have achieved a series of important agreements about developing large oil and gas fields in Iran.

“Our countries cooperate in the framework of Gas Exporting Countries Forum (GECF).

“We will coordinate our efforts to stabilize world oil markets.”

Rouhani said the leaders also discussed the situation in Syria and Yemen, and said peace talks would continue.

He said: “The decisions we have made over the last months and also today show that we are developing our bilateral relations in cultural, economic and scientific areas towards a strategic path.”

During his visit, the Iranian president took part in a wreath laying ceremony at the Tomb of the Unknown Soldier in Moscow.