Russia and OPEC Secretary-General Abdullah al-Badri will discuss oil markets and the Iran situation in Moscow on July 30 amid sliding oil prices, Russian Energy Minister Alexander Novak said. The prospect of an influx of Iranian crude onto the already-overhung market has dampened oil prices, which have halved from their level in June last year of $115 per barrel. “We will discuss the situation on the oil and gas market on the whole, taking into account the lifting of sanctions on Iran,” Novak told reporters about the forthcoming meeting with Badri. He said he did not expect a big impact on prices from additional oil volumes from Iran. “The prices will be determined by the production costs of shale oil,” Novak said. Iran and six world powers […]