Talks on Iran and Russia raise hopes of progress on OPEC meeting date +

LONDON (Reuters) – Iran's oil minister is expected to meet with his Russian counterpart in Iran later on Monday, industry sources said, hoping that progress will be made in solving the deadlock over the past month. OPEC and its allies will hold their next political meeting.

The Organization of the Petroleum Exporting Countries and its partners, including Russia, an alliance known as OPEC +, have been planning since last month to postpone the date of their political meeting in Vienna from July 3 to 4, as of June 26.

Russia's Alexander Novak is in favor of postponing the meeting in early July to avoid a confrontation with the G20 talks in Japan in late June, while Iranian Minister Bijan Zanganeh wants to keep the initial schedule, said sources.

The two men are to meet at 5 pm Tehran time (12:30 GMT), said one of the sources.

"Hope this meeting will break the stalemate," the source said.

OPEC and its allies have reduced oil production by 1.2 million barrels per day since January 1 to support the market. The meeting must decide to extend or adjust the pact.