The balance between supply and demand in the oil market is fragile, Iranian Oil ...
FILE PHOTO: Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018. REUTERS/Leonhard Foeger/File Photo
Oil prices are being supported by U.S. sanctions on Iran and Venezuela along with voluntary supply cuts by the Organization of the Petroleum Exporting Countries and other major producers. Zanganeh was traveling to Moscow to discuss the oil market with his Russian counterpart Russian Energy Minister Alexander Novak.
The U.S. reimposed sanctions on Tehran in November after pulling out of a 2015 nuclear accord between Iran and six world powers. Those sanctions have already halved Iranian oil exports.
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