The rise in oil prices associated with the pending decision on Iran, Putin said

© RIA Novosti / Sergey Goneeverything in Photobacterium of the Russian Federation Vladimir Putin at the international forum Russian power generation week. 3 Oct 2018The rise in oil prices associated with the pending decision on Iran, Putin said© RIA Novosti / Sergey Goneeverything the image Bank

The oil market is now balanced, the current rise in prices associated with the pending decision on Iran and reduced production in several countries, including Venezuela and North Africa, said Russian President Vladimir Putin.

«The market is balanced now. The fact that increasing the price of oil is not so much the result of our activity how the result largely of incoming circumstances — the expectations of the resolutions on Iran, for example. By the way, is absolutely illegal decisions and harmful to the global economy. The decline of production in North Africa in connection with a number of political circumstances. This is the production decline in Venezuela,» — said Putin, speaking at the plenary meeting WREN.

Russian energy week (REN) takes place in Moscow from 3 to 6 October. MIA «Russia today» is an information partner of the event.

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