03:07 GMT +319 September 2019
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    September 3, 2015. Russian President Vladimir Putin, right, and President of the Bolivarian Republic of Venezuela Nicolas Maduro during their meeting in the Diaoyutai state guest house in Beijing

    Russia, Venezuela to Continue Talks With Producers to Stabilize Oil Market

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    Russian Energy Minister said that Russia and Venezuela agreed to continue consultations with international oil producers on the stabilization of the situation on oil markets.

    VLADIVOSTOK (Sputnik) – Russia and Venezuela have agreed to continue consultations with international oil producers on the stabilization of the situation on oil markets, Russian Energy Minister Alexander Novak told journalists on Friday.

    "[There are] agreements on the continuation of talks on this issue between OPEC [Organization of the Petroleum Exporting Countries] states and non-OPEC countries," Novak said, asked about Venezuelan President Nicolas Maduro’s proposition to discuss the stabilization of oil markets with Russian President Vladimir Putin.

    Asked whether other countries have submitted similar requests to Russia, Novak said that Venezuela has been the only one so far.

    Russia and Venezuela have agreed to continue consultations with international oil producers on the stabilization of the situation on oil markets, Russian Energy Minister Alexander Novak told journalists on Friday.

    On Thursday, following a meeting between Putin and Maduro, Kremlin said that the two leaders had noted that volatile oil prices did not meet the interests of both countries and agreed on joint actions to stabilize the situation.

    Global oil prices have significantly dropped compared to those seen in the summer of 2014, falling from $100 to about $50 per barrel for Brent crude, primarily as a result of worldwide oversupply.

    The oil-dependent economies of Venezuela and Russia have been hit by the plummeting prices.

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    Tags:
    oil production, oil prices, OPEC, Vladimir Putin, Nicolas Maduro, Alexander Novak, Venezuela, Russia
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