12:03 GMT +324 September 2019
Listen Live
    Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino discussed cooperation with OPEC member-states.

    Russia, Venezuela Discuss Cooperation With OPEC Countries

    © AP Photo / Hasan Jamali
    Business
    Get short URL
    0 82
    Subscribe

    Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino discussed cooperation with OPEC member-states.

    MOSCOW (Sputnik) — Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino discussed cooperation with member-states of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries in a telephone conversation, the Russian ministry said Thursday.

    "The sides discussed aspects of bilateral cooperation in oil, gas and power spheres. They also spoke about the situation on the global oil markets and cooperation with the oil-producing countries, including OPEC states," the Russian Energy Minister said in a statement.

    In early September, Venezuelan President Nicolas Maduro offered to meet with the heads of OPEC states and other oil producers outside the organization. He also noted that the importance of the stabilization of the situation on oil market was stipulated by the growing energy demand across the globe.

    The upcoming meeting of OPEC oil ministers is scheduled for December 4.

    Due to oversupply in the global market, oil prices have more than halved since summer 2014, when the price of Brent crude stood at about $115 per barrel. Crude prices are now hovering at about $50 per barrel.

    The oil-dependent economies, such as Venezuela and Russia have been among the countries heavily hit by the plummeting prices.

    Related:

    Maduro's Call to Beef Up Oil Prices at OPEC Summit Likely to Fade
    Russia-OPEC Alliance? Bloomberg’s Five Reasons Why We Won’t See It
    OPEC Raises Oil Demand Forecast for 2015, Lowers 2016 Forecast
    Tags:
    Oil, cooperation, OPEC, Eulogio Del Pino, Alexander Novak, Venezuela, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik