Iranian Minister of Petroleum, Bijan Zanganeh, said Tehran is set to sign a deal with Moscow within early March to sell 100,000b/d of oil to Russia, Press TV reported.

According to Reuters, payment would be received half in cash and half in goods and services. Zanganeh added the deal would also provide Iran with an opportunity to find new customers.

Furthermore, the minister stated that Russia had expressed willingness to cooperate with Iran for long-term regulation of the country’s oil market. In light of that Zanganeh emphasized that member states of the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC producers were committed to crude production cut agreed during the latest OPEC meeting in Vienna.

Additionally, touching on Tehran’s negotiations with New Delhi for the development of Iran’s joint Arash gas field, Zanganeh said no deal had yet been finalized due to a difference over the project cost between the two sides. “It seems unlikely that we can reach a deal with India. So Iran may start talks with others companies for the project,” he noted.