"Next to Minister Ali Al Naimi evaluating the current situation of the international oil market. The OPEC [Organization of the Petroleum Exporting Countries] and non-OPEC countries should reach a consensus for stability on the world oil market," del Pino wrote in his official Twitter account after a meeting in the Saudi capital.
The visit to Saudi Arabia is part of del Pino’s tour of OPEC and non-OPEC countries engaged in an effort to promote a balance of oil prices.
Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20. The continued downturn has been attributed to a prolonged global oversupply and low demand, as well as unwillingness of oil-producing economies to cut output in fear of losing market share.