The Monday meeting will be part of Del Pino’s tour of OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC countries organized in an effort to promote a balance of oil prices.
"…on Monday February 4 [Del Pino] will meet his Russian counterpart Alexander Novak. On Tuesday the 5th he will meet with major oil producers of that nation. The next day he will meet with Mohammed [Saleh] al-Sada, OPEC President and Minister of Energy of Qatar; then he will visit the Islamic Republic of Iran, and the Kingdom of Saudi Arabia," PDVSA said in a Friday statement.
On Wednesday, Venezuela's President Nicolas Maduro stated that Eulogio Del Pino would visit OPEC member states to drum up support for holding a meeting on stemming the fall in oil prices.
Global oil prices plunged from $115 per barrel to less than $30 per barrel between June 2014 and January 2016, the lowest levels since 2003. The continued downturn has been attributed to Saudi Arabia-led OPEC’s unwillingness to cut output in fear of losing market share.