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395590
Mon, 02/01/2016 - 11:01
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Venezuelan oil minister will come to Moscow with proposals on balancing market - source

MOSCOW, January 31. /TASS/. Venezuela’s Oil Minister Eulogio del Pino is expected to bring to Moscow proposals on balancing the global oil market amid the plunging oil prices, a source close to the country’s PDVSA state-owned oil and natural gas company told TASS. The source said the Venezuelan minister is due to meet on Monday with Russian Energy Minister Alexander Novak and the CEO of Russia’s Rosneft oil giant Igor Sechin. "Del Pino will discuss with Novak and Sechin the oil price slump and the ways of balancing the oil market. He will also present to them Venezuela’s proposals on balancing the market," the source told TASS. The Venezuelan minister will also try to secure Moscow’s backing when arranging a meeting between the member states of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, he said. Last week, Novak said he was ready to take part in the February meeting of the OPEC member states and other oil producers. The sides could discuss the proposed oil production cuts of up to 5 percent by each of the countries, he said. Amid the slump in the price of oil - Venezuela’s main source of export revenue - the past two years saw an aggravation of the economic crisis. President Nicolas Maduro over the past few months repeatedly said it was essential to take action to stabilize the situation on the market of hydrocarbons. Venezuela’s authorities say the fair price of one barrel should be no lower than $60. OPEC is a group of 13 oil-exporting nations that account for 40 percent of global oil production. Egypt, Mexico, Oman and Russia have an observer status in the organization. Read more

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