"[The parties] discussed issues related to the next Joint OPEC-Non-OPEC Ministerial Monitoring Committee that will take place in Vienna, Austria, on September 22, and will be aimed at seeking of strategies for recovery of fair prices on the oil market where Venezuela and Russia play important roles," the statement said.
Del Pino and Zaemskiy also discussed joint investment plans and the Petrozamora joint venture, where Russia’s Gazprombank is a 40-percent stakeholder.
In 2016, the OPEC countries reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices. The agreement was also supported by 11 non-OPEC states. In late May, the parties to the agreement agreed to extend the deal until April 2018.
The JMMC was created in order to control the implementation of the deal. It includes ministers of three OPEC member states — Venezuela, Kuwait and Algeria — and two countries that are not part of the cartel, namely Russia and Oman. The JMMC meets every two months.
