Saudi, Venezuela Oil Ministers Hold ‘Successful’ Talks on Market
Saudi Arabian Oil Minister Ali al-Naimi
said he held “successful” talks with his
Venezuelan counterpart about ways of
cooperating to stabilize the crude
market, without saying what steps
producers should take to shore up prices.
The two ministers, who met on Sunday
in Riyadh, discussed Venezuelan Oil
Minister Eulogio Del Pino’s recent
discussions with other crude producers
and the results of those meetings that
seek cooperation among suppliers to
bring stability to the market, the Saudi
ministry said in an e-mailed statement.
Venezuela and Saudi Arabia, the biggest
exporter, are both members of OPEC,
which supplies about 40 percent of the
world’s oil.
“I’m very happy to meet and consult
with my colleague Venezuelan Oil
Minister Eulogio Del Pino,” Naimi said in
the statement. “It was a successful
meeting in a positive atmosphere,” he
said, without elaborating.
Del Pino met with al-Naimi after visiting
Russia, Iran, Qatar, and Oman on a tour
to drum up support for Venezuela’s
attempt to buttress oil prices. Saudi
Arabia is the largest producer in the
Organization of Petroleum Exporting
Countries and led the group’s strategy in
2014 to defend market share against
rival high-cost producers, including U.S.
shale drillers, instead of defending oil
prices.
Benchmark Brent crude fell 35 percent
in 2015 and a further 8.6 percent this
year. The contract finished 40 cents
lower on Friday at $34.06 as barrel in
London.
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