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Novak has met with the Venezuelan Oil Minister

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Novak has met with the Venezuelan Oil Minister

Novak has met with the Venezuelan Oil Minister
October 25
16:00 2016

On Tuesday Alexander Novak, Minister of Energy of the Russian Federation and Venezuela’s Oil Minister Eulogio Del Pino have met in Moscow in order to discuss the coordination of joint actions at the oil market. This was reported by the press service of the Ministry of Energy.

In particular, the Ministry said in the statement: “The sides have discussed the issue of participation of the OPEC states and independent oil producers in the agreement on the oil extraction freeze,  variety options of which are being elaborated at the moment.”

Briefing of Eulogio Del Pino has been scheduled for a later time.

Venezuela, which is rich in natural resources, is a member of the OPEC cartel. The country intensively promoted agreements among the world’s major oil exporters in order to stabilize the market. Currently, Venezuela is experiencing a severe economic crisis, which was triggered by the fall of oil prices. The crisis has led the country to the food shortage and increased inflation.

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1 Comment

  1. Tony Young
    Tony Young October 25, 19:51

    This meeting is an important step for the coordination and joint actions between the OPEC member with the highest level of the oil production and Moscow. Hope, the Russian Federation and Venezuela will be able to reach an agreement.

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