Iran ready for Iraqi oil swap: Minister

He made the remarks late Wednesday on the sidelines of signing an agreement with Russia, when he added that in addition to Russian companies, talks with other companies are also underway.

As to OPEC oil production cut, he said Russia has not agreed to the decision for the whole year and OPEC can also change its decision, but it is unlikely.

In an official meeting in Vienna on December 30, 2016, OPEC agreed to cut oil production for the first time since 2008 in a bid to help push up oil prices.

Russia and nine other producers joined the agreement to cut production later in 2016.

On the basis of the agreement, signatories pledged to cut their production by 1.800 million barrels a day. The agreement is valid until the end of 2018.

Some 14 countries of Algeria, Angola, Ecuador, Guinea Equatorial, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela are members of OPEC.

National Iranian Oil Company (NIOC) signed a contract with a consortium of Russian Zarubezhneft and Dana Energy of Iran to develop joint oilfields of Aban and Piedar- gharb on Wednesday in the presence of Minister of Petroleum Bijan Zangeneh.

The first new oil contract in post-JCPOA was signed by NIOC and an international consortium led by French Total Oil Company to develop phase 11 of South Pars in July 3, 2017.

Managing Director of NIOC Ali Kardor, Managing Director of Zarubezhneft Sergey Kudryashov and Managing Director of Dana Energy Mohammad Iravani signed the contract in the presence of the petroleum minister.

The aim of the contract is to reach a production of 48,000 oil barrels a day and 67 million barrels in 10 years.

The contract may be renewed for another 10 years by mutual agreement. The share of the Russian company is 80 percent and that of its Iranian partner 20 percent.
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