Saudi, Venezuela talk of OPEC, non-OPEC cooperation to stabilize oil market: SPA

Sun Feb 7, 2016 12:11pm EST
 
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DUBAI (Reuters) - Saudi Arabia's oil minister Ali al-Naimi discussed cooperation between OPEC members and other oil producers to stabilize the global oil market with his Venezuelan counterpart on Sunday, state news agency SPA reported.

Venezuela's Oil Minister Eulogio Del Pino, who is on a tour of oil producers to lobby for action to prop up prices, said his meeting with Naimi was "productive", his ministry reported.

Cash-strapped OPEC member Venezuela has been calling for an emergency meeting of producers to discuss steps to prop up prices, which are close to their lowest since 2003.

The prospect of supply restraint by the Organization of the Petroleum Exporting Countries and rivals helped oil prices LCOc1 rise above $34 a barrel on Friday from a 12-year low close to $27 last month, despite widespread scepticism that a deal will happen.

"It was a successful meeting and (conducted) in a positive atmosphere," SPA cited Naimi as saying.

Both ministers discussed Del Pino's visits to other oil producers and the outcome of his "meetings that aim towards the cooperation of those countries to stabilize the international oil market", Naimi said.

"During the meeting, there were discussions about the cooperation of the producing countries within OPEC and outside (OPEC)... and the importance of the continuation of such consultations," SPA added.

However, the comments by Saudi Arabia, the world's largest oil exporter, show no indication of a shift in the country's policy of refusing to cut supplies to prop up crude prices, some OPEC delegates said.

"They seem like just general talk about cooperation, but nothing about cutting production," said one OPEC source.   Continued...

 
A fuel pump assistant stands next to an old fuel pump during the early hours near the village of Salwa at the Qatari-Saudi border, south of the eastern provience of Khobar, Saudi Arabia January 29, 2016. REUTERS/Hamad I Mohammed