Iran and Russia have reached a deal to increase oil production by 1 million barrels per day (b/d) through joint efforts, IFPNews reported.

The agreement came after Iranian petroleum minister Bijan Namdar Zanganeh spoke with his Russian counterpart Alexander Novak.

“The issue of meeting growing demands for energy resources across the globe and prevention of oil market ‘overheating’ is on the agenda. We hope to stabilize the market and show ourselves as responsible participants by boosting production by one million barrels daily through joint efforts,” Novak was quoted as saying by the ministerial press service.

“The countries speak in favor of creating stable and predictable rules of the game in the oil sector,” he added.

The unscheduled meeting between the two came after reports that Russia and Iran have reached an oil supply deal circumventing the upcoming US sanctions on Iran’s energy sector.

Under the terms of the agreement, Iran would continue global exports by suppling crude to Russia via the Caspian Sea, The Times of Israel reported.