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Oil-producing countries to meet to agree on actions to stabilize market

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Oil-producing countries to meet to agree on actions to stabilize market

Post by Admin on Fri Mar 04, 2016 3:18 pm

Venezuela's Oil and Mining Minister Eulogio Del Pino announced that more than 15 oil producing countries will meet soon to discuss strategies to freeze oil production to January levels, according to Venezuelan news agency AVN.

Del Pino, who is in China along with other ministers displaying the Bolivarian Economic Agenda, said that this measure, promoted mainly by Russia, Venezuela, Qatar and Saudi Arabia, is a first step towards the stability of the global oil market, said Venezuelan oil company PDVSA in a press release, AVN reported.

On February 23, Del Pino said that this agreement could help boost oil prices around mid-year.

This proposal was supported by Russian President Vladimir Putin, who announced Tuesday that his country's oil companies will be adapted to the measures taken.

On Tuesday, Alexander Novak, Minister of Energy of Russia, said that this decision can be effective even without the participation of Iran, although he added that it is possible to agree on individual conditions with this nation after the end of the sanctions imposed on it.........

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