A gradual economic recovery is underway. Recent increases in wages, pensions, and social assistance; and measures to reduce tax and debt burdens are expected to boost nonoil growth to 2.7 percent over the near term.

China imported 1.08 million mt, or 255,065 b/d, of crude oil from Iran in May, down 66.7% from the five-year high of 3.24 million mt in April as the US' sanction waivers for Iranian oil expired on May 2.

“What’s happening in the Gulf is definitely a concern,” Amin Nasser, president and chief executive of Aramco, told Reuters in an interview in Seoul.

the United States had never targeted an Iranian head of state before and that was a sign Trump was getting personal.

U.S. President Donald Trump said on Monday that other countries, including China and Japan, should protect their own oil tankers in the Middle East.

В энергетической сфере Россия и Азербайджан активно сотрудничают и в многостороннем формате: в рамках Электроэнергетического Совета СНГ и в формате ОПЕК+.

“Today, more than ever, international cooperation is important,” Novak said in a speech at an energy forum in the Russian city of St Petersburg.

Iran and Russia already have a deal whereby Iran sells 100,000 b/d of crude oil to Russia and receives 50% of the value in cash and 50% in equipment.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.

The Gazprom Management Committee reviewed the progress of the construction projects for the Nord Stream 2 and TurkStream export gas pipelines.

Saudi Arabia’s crude oil production approached a four-year low, averaging an estimated 9.9 million barrels per day (b/d). Production declined more than 1 million b/d since its estimated all-time high production levels in October and November 2018

“Мы считаем, что есть дополнительные импульсы для развития отношений России и Ирана. В то же время энергетические проекты остаются одними из основных с точки зрения привлечения инвестиций. Несмотря на санкции относительно Ирана, наши компании продолжают работу, мы видим большой интерес к иранским проектам”. - подчеркнул Министр.

“Развитие всесторонних связей между Россией и Ираном имеет важное значение для укрепления мира и стабильности в регионе Ближнего и Среднего Востока и отвечает национальным интересам обеих стран”, - отметил Александр Новак в ходе пленарного заседания.

Министры обсудили широкий круг вопросов двустороннего взаимодействия в рамках МПК, реализацию приоритетных инвестпроектов, в том числе в отраслях ТЭК. Кроме того, в рамках переговоров было затронуто сотрудничество России и Ирана в рамках соглашения ОПЕК+, по линии ФСЭГ и ситуация на мировых рынках нефти в целом.

Iran and Russia have signed a Memorandum of Understanding on oil and gas cooperation which will bolster the two countries’ energy relations.