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 February 4, 2016 - 4:39 AM EST
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Venezuelan minister says meeting with Qatari counterpart "productive"

, Feb 4 (EFE) - Venezuelan Oil Minister Eulogio Del Pino said he held a "productive" meeting Thursday in
with his counterpart from
, holder of OPEC's rotating presidency.

Del Pino's meeting with Mohammed Saleh Al Sada was part of a tour of oil-producing nations - including both members and non-members of the Organization of the Petroleum Exporting Countries - that is aimed at drumming up support for actions to "stabilize the market," his portfolio said in a statement.

Two weeks ago,

urged oil ministers from both OPEC and non-OPEC nations to come together for an extraordinary meeting.

"The goal of this tour is to talk to ministers directly to hear their opinions and try to reach a consensus. The idea is not only to hold the meeting, but for all the countries to attend with the intention of reaching agreement," Del Pino, who is also president of state-owned oil company Petroleos de Venezeula, said Wednesday.

Iranian Oil Minister Bijan Namdar Zangeneh has backed

, for its part, said it was "unlikely" that an agreement would be reached at the next OPEC summit to reduce crude production and reverse the downward trend for oil prices.

Several factors, including a supply glut, a slowing Chinese economy and the expected return of

to global oil markets after the lifting of economic sanctions, are continuing to drive down crude prices.

The price of

crude basket, which had fallen for more than a month, rose $2.53 last week to $24.16, while the OPEC Basket climbed $2.66 to $26.17.
, the world's fifth-leading crude exporter, produces around 3 million barrels of oil per day and exports roughly 2.5 million bpd, mostly to
the United States

The nation's oil revenues account for around 95 percent of export earnings, which have fallen roughly 70 percent due to the drop in international crude prices. EFE


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Source: News (February 4, 2016 - 4:39 AM EST)

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