Russia may supply 1.8 billion cubic metres (bcm) of natural gas to Iran this year at a price which has yet to be agreed, the two countries said on Friday.

Iranian Oil Minister Mohsen Paknejad, on a visit to Moscow, said the deal had not been finalised but the two countries were working to clinch it as soon as possible.

Russian President Vladimir Putin, at a meeting with his Iranian counterpart Masoud Pezeshkian in January, said Russia may eventually supply up to 55 billion cubic metres (bcm) of gas per year to Iran, though starting from lower volumes of up to 2 bcm.

Paknejad also said there were a lot of uncertainties on the global oil market, including over the impact of tariff wars. U.S. President Donald Trump announced hefty tariffs on most other world nations in April, shaking business and consumer confidence and leading to a rapid selloff of U.S. assets.

Paknejad said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group know as OPEC+, would take decisions to ensure market stability. He did not elaborate on what these might entail.

Several members of OPEC+ have suggested the group should accelerate oil output hikes in June for a second consecutive month, three sources familiar with OPEC+ talks told Reuters. OPEC+ will gather in early May to decide on its policy.
Source: Reuters