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Montevideo, November 19th 2018 - 05:41 UTC

Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

Monday, February 1st 2016 - 06:22 UTC
Full article 8 comments
 “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino
Del Pino will meet Russian Energy Minister Alexander Novak on Monday and the country’s leading oil producers the following day, PDVSA said. Del Pino will meet Russian Energy Minister Alexander Novak on Monday and the country’s leading oil producers the following day, PDVSA said.

Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

 “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino, who is also head of state oil company PDVSA, according to a statement from the firm.

The Organization of the Petroleum Exporting Countries is considering a request from cash-strapped Venezuela to hold an emergency meeting. President Nicolas Maduro’s government wants that to happen in February and is seeking that non-OPEC producers attend.

Del Pino will meet Russian Energy Minister Alexander Novak on Monday and the country’s leading oil producers the following day, PDVSA said. On Wednesday Del Pino will meet Qatar Energy Minister and current OPEC president Mohammed al-Sada. He will then visit Iran and Saudi Arabia, the statement added.

Russian Deputy Prime Minister Arkady Dvorkovich on Friday played down expectations Russia could coordinate with OPEC to arrest the fall in oil prices by reducing production, saying the state would not intervene to balance the market.

Oil prices jumped in the last two days after Russian energy officials said they received proposals from OPEC lynchpin Saudi Arabia on managing output and were ready to talk.

Top Comments

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  • ChrisR

    Well, at least this crook has the right name 'Pine'. Not as dense as deciduous woods or MADuro but full of sticky, smelly, liquid that can set fire to things.

    Let us hope that this ill thought out pantomime goes the way of all things Chubby-esque.

    Anybody know when the internecine fighting is going to start?

    Feb 01st, 2016 - 11:11 am 0
  • Klingon

    Not going to find much sympathy in OPEC.
    All the others have to do is wait another couple of months and Venezuela will crumble, (one less).

    Feb 01st, 2016 - 12:17 pm 0
  • yankeeboy

    It takes 20 days and 10MM to frack a new well.
    We already know where the oil is so there's no need to explore
    There will never be a time that OPEC can squeeze us again

    It will sink in sometime...

    Feb 01st, 2016 - 12:58 pm 0
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