Energy Minister Alexander Novak says Russia is negotiating daily purchases of 100,000 barrels of crude oil from Iran.

Iran has described OPEC’s level of compliance with production cuts in January as satisfactory with the country’s oil minister saying he expects more cooperation – not only from OPEC member states but also non-member producers - to cut output and help stabilize the market.

Recent oil market developments could justify presence of shale oil as an alarm for OPEC members though what decision to take is yet open to debate.