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    Russian Energy Minister to Hold Talks With Venezuelan, Ecuadorian Ministers

    © RIA Novosti . Ramil Sitdikov
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    Russian energy minister will meet with Ecuador's and Venezuela's ministers of foreign affairs and oil.

    MOSCOW (Sputnik) – Russian Energy Minister Alexander Novak will hold a meeting with the foreign minitsers and oil ministers of Venezuela and Ecuador in Moscow on Thursday, an energy ministry's spokesperson said.

    The agenda has not yet been confirmed, the spokesperson said.

    The Venezuelan and Ecuadorian ambassadors will also participate in the meeting.

    Global oil prices entered a downward spiral in June 2014 after their peak of $115 a barrel. As crude oil output increased, the OPEC cartel of the world's largest oil producers decided last November not to cut their production, causing prices to nosedive.

    This price drop alarmed Russia, Venezuela and Ecuador, where oil revenues account for a substantial portion of annual budgets. Ecuador and Venezuela are also the only two South American members in the Arab-dominated OPEC (Organization of the Petroleum Exporting Countries).


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