(13 Dec 2016) Iran and Russia signed memoranda of understanding (MOUs) on Tuesday to develop two oil fields in western Iran in a bid to boost the country's crude production.
Following a meeting between the visiting Russian Energy Minister Alexander Novak, the Iranian Oil Minister Bijan Namdar Zanganeh, the Iranian state oil company and the Russian oil giant Gazprom, MOUs were signed to study the Cheshmeh-Khosh and Changuleh fields.
Since striking a landmark nuclear deal with world powers, Iran has markedly increased its crude production that was previously curtailed under years of sanctions.
In an OPEC (Organisation of Oil Exporting Countries) meeting on November 30, member countries agreed to considerably limit their production to help increase dwindling prices.
However Iran was allowed to only slightly cut its production to help it recover its output levels hit by sanctions.
Starting January 1, Iran can produce up to 3.8 million barrels per day, almost the same amount produced in 2005 before sanctions hit.
Iran's arch-rival Saudi Arabia agreed to the largest production cuts, chopping nearly half a million barrels from its current 10.5-million-barrel daily.
Iran's output level was trimmed only slightly to 3.797 million barrels a day from 3.975 million barrels.
Iranian officials have described Saudi Arabia’s decision a positive development.
Last week, Iran's national oil company signed a partnership with the Anglo-Dutch oil giant Royal Dutch Shell on the development of the country’s oil and gas fields.
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