Saudi Arabia, Venezuela Focus On Measures To Stabilize Oil Prices

By Saeed Al-Khotani

Saudi Arabia and Venezuela discussed on Sunday ways to stabilize the crude oil market.

Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuelan Oil Minister Eulogio Del Pino discussed the latter’s recent talks with other crude producers and the results of those meetings that seek cooperation among suppliers to bring stability to the market.

“I’m very happy to meet and consult with my colleague from Venezuela,” Al-Naimi said in the statement. “It was a successful meeting in a positive atmosphere,” he said.

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.

“During the meeting, there were discussions on the cooperation of the producing countries within OPEC and outside (OPEC)… and the importance of the continuation of such consultations,” SPA said.

Venezuela and Saudi Arabia, the biggest exporter, are both members of the Organization of the Petroleum Exporting Countries (OPEC), which supplies about 40 percent of the world’s oil.

Saudi Arabia, which led the OPEC strategy in 2014 to defend market share against rival high-cost producers, is the largest producer in the group.

The meeting was attended by Prince Abdul Aziz bin Salman, deputy petroleum and mineral resources minister; Abdul Rahman bin Mohammed Al-Abdulkareem, the minister’s adviser for corporate affairs; Ibrahim Al-Muhanna, the minister’s adviser and Muhammed Al-Madi, Saudi representative at OPEC.