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World oil prices

Venezuela confirms meeting between oil minister and head of Russia's Rosneft on February 2

The Venezuelan news agency says the purpose of Eulogio Del Pino's working trip would be to push ahead with "joint action that would help stabilize the market and bring about a rise in oil prices"

© EPA/STATOILHYDRO/OYVIND HAGEN

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Putin, Maduro discuss situation on global oil market, bilateral cooperation

MOSCOW, February 1. /TASS/. The official representative of the Venezuelan delegation, Minister of Petroleum and Mining Eulogio Del Pino confirmed that his meeting with the Head of Rosneft Igor Sechin will be held on February 2.

"The meeting will be held tomorrow [February 2 — TASS] around 10 AM," he told journalists, adding that it will last about an hour.

Venezuela's Minister of Petroleum and Mining Eulogio Del Pino and Russia’s Energy Minister Alexander Novak are meeting on Monday, February 1.

As TASS reported earlier, from Russia Del Pino is going to visit Qatar, Iran, Iraq and Saudi Arabia. "These are four key countries and it is very important for all of us to achieve accord," he said.

The Venezuelan news agency said the purpose of his working trip would be to push ahead with "joint action that would help stabilize the market and bring about a rise in oil prices."

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Amid the slump in the price of oil — Venezuela’s chief source of export revenue — the past two years saw an aggravation of the economic crisis. Venezuelan President Nicolas Maduro over the past few months repeatedly said it was essential to take action to stabilize the situation on the market of hydrocarbons.

Venezuela believes the fair price of one barrel should be no lower than $60.

Nicolas Maduro has said earlier, that member states of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries may strike a new deal on an equilibrium oil price. "We are close to reaching an agreement between oil producing countries-members of OPEC and non-members," Maduro told a meeting on agricultural issues on Saturday, adding, "This does not mean that we have already come to it.".

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Oil & Gas Venezuela Oil price

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