Wednesday, February 17, 2016

Venezuelan Oil Minister: OPEC and Russia will monitor the price of oil – RIA Novosti

MOSCOW, February 17 – RIA Novosti The group of oil-producing countries, including Russia, is planning to monitor the extraction and recovery of quotations in the oil market for four months, said Minister of Venezuelan oil Eulogio del Pino <.. / p>

“The countries will evaluate the market, make decisions together”, – said in the Venezuelan state corporation PDVSA e-mailed statement to the minister, which leads Bloomberg

 The building of the OPEC headquarters in  Vienna, Austria

© AFP 2016 / Joe Klamar

at the moment, “the price in the hands of speculators,” says del Pino. The agreement aims to stabilize the oil market, to conserve stocks for future generations, he said.

On Tuesday, after the meeting in Doha between the Minister of Energy of the Russian Federation Alexander Novak and representatives of Saudi Arabia, Venezuela and Qatar, an agreement was reached about the readiness to maintain oil production average in 2016 at the level of January this year, when other manufacturers join this initiative .

Later, the Venezuelan oil minister Eulogio del Pino said that the Ecuadorian ministers of Algeria, Nigeria and Oman supported the decision to freeze oil. Furthermore, Kuwait agrees to accede to the agreements between the Russian Federation and the three OPEC countries, said Tuesday the agency Bloomberg, citing a source familiar with the plans of the country.

Earlier media reported that the ministers of the Venezuelan oil and Iran Iraq plans to discuss on Wednesday in Tehran proposal to maintain the level of oil production reached in the Qatari capital.

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