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News // Russia

Russian and Venezuelan energy ministers discussed oil output freeze deal

25 October 2016 , 16:04Neftegaz.RU565

Venezuelan Embassy in Russia said on October 25, 2016, that Venezuela's Oil and Mining Affairs Minister Eulogio del Pino has arrived in Moscow for a visit.

 

Earlier Venezuelan President Nicolas Madura has said that del Pino's visit to Moscow aimed to work out the details of the deal between OPEC and non-OPEC oil producing countries.

Venezuela, a member of the OPEC, has been actively pushing for a deal among leading global oil producers aimed at stabilising the oil market.

Lower oil prices have hurt oil-rich Venezuela, which is in the throes of a major economic crisis which has forced some families to skip meals due to food shortages and galloping inflation.

 

Del Pino visited Moscow for talks with Novak and a source said he had also met Igor Sechin, the chief executive of top Russian oil producer Rosneft.

«The main topic of the talks (with Novak) was coordination of joint action on the oil market,» the Energy ministry said.

«The sides have discussed ... participation of OPEC and independent oil producers in an agreement on limiting production, various options of which are currently being worked through,» it said.

 

Opec is seeking to attract producers from outside the group to join plans for the first output cuts in 8 years to support crude prices.

Russia believes an output freeze would be an «efficient tool» to rebalance the market but is considering different options, Novak said on october 24, 2016. at a press briefing with Opec Secretary-General Barkindo.

 

To read this news in Russian.

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