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Putin: Iran Should Get Pre-Sanctions Oil Share

Putin: Iran Should Get Pre-Sanctions Oil SharePutin: Iran Should Get Pre-Sanctions Oil Share

It would be fair for Iran to have a chance to increase oil output to get its pre-sanctions' market share, Russian President Vladimir Putin said on Monday in a news conference at the G20 Summit in Hangzhou, China.

Putin added that it would also be better if crude was trading at a little higher price, RT reported.

“The price for oil is unfair at the moment; we wish it were a little higher, but all-in-all, we are ok with it,” he said.

Earlier, the Russian president expressed confidence an oil output freeze deal between OPEC members and the world's largest producers could involve a compromise over Iranian production levels.

“Iran is starting from a very low position, connected with the well-known sanctions in relation to this country,” he said, stressing that it would be unfair to leave it at that level.

Russia and Saudi Arabia have asked for close cooperation between international oil producers to support the market. The two countries are currently negotiating capping output.

Putin said Moscow is satisfied with the price of oil and stressed on Russia's friendly relations with Saudi Arabia, top producer of the Organization of Petroleum Exporting Countries.

Financialtribune.com