Oil Minister of Saudi Arabia and Venezuela discussed the stabilization of the market – RBC

The Minister of Venezuela oil Eulogio del Pino (left) and his colleague from Saudi Arabia Ali bin Ibrahim al-Nuaimi. Archival photos Photo: REUTERS 2016

Oil Minister of Saudi Arabia and Venezuela have held talks on the stabilization of the oil market. Earlier, Venezuelan Minister went on a tour of OPEC countries to mitigate the impact of falling oil prices on the economy of the country

According to the Saudi agency SPA, Minister of Petroleum and Mineral Resources of Saudi Arabia Ali bin Ibrahim Al-Nuaimi met with his Venezuelan counterpart Eulogio del Pino.

During the talks, the ministers discussed “how best to stabilize the oil market,” notes SPA. In addition, representatives of Venezuela and Saudi Arabia stressed the importance of continuing consultations between the two countries -. OPEC

Earlier it was reported that the president of Venezuela, Nicolas Maduro sent del Pino on a tour of OPEC countries and other countries – producers of oil, to soften the impact of falling oil prices on the economy. After the visit, del Pino in the Iran Ministry of Venezuelan oil has stated that six countries – members of OPEC and non-OPEC Russia and Oman are ready to take part in an emergency meeting on the situation in the oil market in the event of convocation

. After a sharp fall of oil prices at the beginning of this year, Venezuela has been introduced state of emergency economic situation. According to the International Monetary Fund, in 2015 the economy fell by 10%, and this year the inflation rate will more than double, reaching 720%. According to OPEC data, 96% of the country’s export revenues ($ 77.8 billion from $ 80.7 billion, according to data for 2014) falls on the oil trade.

Saudi Arabia has repeatedly been accused of manipulating oil prices. The kingdom denies the charges. Foreign Minister of Saudi Arabia, al-Adil Dzhubeyr stated that the reduction of quotations related to overproduction in some countries and the lack of demand in others.

Moreover, Saudi Arabia has repeatedly said it will not reduce the production of hydrocarbons to the oil quotations showed an increase. The minister of oil of Saudi Arabia in December 2014 declared that the kingdom would not cut production, even if the price collapse to $ 20 per barrel.