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Venezuela’s Oil Minister to Meet With Russian Energy Minister Monday

  1. Robert Dsouza

    Robert Dsouza Moderator

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    Venezuela’s Oil Minister Eulogio Del Pino, who is also the president of the state oil company Petróleos de Venezuela S.A. (PDVSA), will visit Russia on February 1 and hold a meeting with Russian Energy Minister Alexander Novak.

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    The Monday meeting will be part of Del Pino’s tour of OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC countries organized in an effort to promote a balance of oil prices.

    "…on Monday February 4 [Del Pino] will meet his Russian counterpart Alexander Novak. On Tuesday the 5th he will meet with major oil producers of that nation. The next day he will meet with Mohammed [Saleh] al-Sada, OPEC President and Minister of Energy of Qatar; then he will visit the Islamic Republic of Iran, and the Kingdom of Saudi Arabia," PDVSA said in a Friday statement.

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    On Wednesday, Venezuela's President Nicolas Maduro stated that Eulogio Del Pino would visit OPEC member states to drum up support for holding a meeting on stemming the fall in oil prices.

    Global oil prices plunged from $115 per barrel to less than $30 per barrel between June 2014 and January 2016, the lowest levels since 2003. The continued downturn has been attributed to Saudi Arabia-led OPEC’s unwillingness to cut output in fear of losing market share.