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    Caracas, Riyadh Discuss Ways to Stabilize Oil Market – Venezuelan Minister

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    Venezuelan and Saudi petroleum ministers have discussed a possible solution of stabilizing the global oil market.

    MOSCOW (Sputnik) — Venezuelan Petroleum Minister Eulogio del Pino said Sunday that he had discussed with his Saudi counterpart Ali Al Naimi a possible solution of stabilizing the global oil market.

    "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.

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    Tags:
    Oil, OPEC, Eulogio Del Pino, Ali Al-Naimi, Saudi Arabia, Venezuela
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