The oil Ministers of Saudi Arabia and Venezuela discussed the stabilization of the market


According to the Saudi Agency of SPA, the Minister of petroleum and mineral resources Saudi Arabia Ali Ibn Ibrahim an-Nuaimi met with his Venezuelan counterpart, Eulogio del Pino.

During the negotiations the Ministers discussed “the best ways to stabilize the oil market,” said SPA. In addition, the representatives of Venezuela and Saudi Arabia noted the importance of continuing consultations between the countries — members of OPEC.

Earlier it was reported that Venezuelan President Nicolas Maduro sent del Pino on a tour of OPEC countries and other countries — manufacturers of oil, to soften the impact of falling oil prices on the economy. After del Pino’s visit to Iran oil Ministry of Venezuela said that the six member countries of OPEC and outside the cartel Russia and Oman are ready to take part in an emergency meeting on the situation in the oil market in case of its convocation.

After a sharp drop in oil prices at the beginning of this year in Venezuela was introduced as an emergency economic situation. According to the International monetary Fund, in 2015 the country’s economy fell by 10%, and this year the inflation rate will increase more than twice and will reach 720%. According to OPEC, 96% of export revenue for the country ($77,8 billion from $80.7 billion, according to data for 2014) came from the oil trade.

Saudi Arabia has repeatedly accused of manipulating oil prices. In the Kingdom these charges were dismissed. Foreign Minister of Saudi Arabia Adil al-Jubayr stated that the falling prices due to overproduction in some countries and the lack of demand in others.

While Saudi Arabia has repeatedly stated that it will not reduce the production of hydrocarbons for oil quotations showed growth. The Minister of oil of Saudi Arabia in December 2014 said that the Kingdom would not cut production even if the price collapses to $20 per barrel.