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Venezuelan, Russian oil officials discuss oil price stabilization

Xinhua, February 3, 2016 Adjust font size:

Venezuelan Oil and Mining Minister Eulogio Del Pino on Tuesday met with Igor Sechin, head of Russia's state oil firm Rosneft, to discuss joint measures to stabilize plunging prices of crude oil.

The meeting took place as part of Del Pino's visit to member states of the Organization of Petroleum Exporting Countries (OPEC), Venezuela's state oil company PDVSA said on its website.

As president of the PDVSA, Del Pino will also visit other member states such as Qatar, Iran and Saudi Arabia, aiming for an agreement to cut back oil output and reverse the downward trend in oil price.

The price of OPEC crude has plummeted some 70 percent to 29.69 U.S. dollars per barrel.

The oil price rose in the past 48 hours, after Russian energy officials said they had received a proposal from Saudi Arabia ...to control production and that they were willing to talk over the issue, Venezuelan news network Telesur reported Monday to highlight the effectiveness of joint action in stabilizing the prices.

Del Pino and Sechin also discussed bilateral cooperation in oil exploration and exploitation, which has led to increased production "both at mature fields and new developments," the company said.

The Venezuelan oil chief will also meet with Qatar's Mohammed Al-Sada, president of OPEC, before heading to Iran and Saudi Arabia. Endi