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 February 7, 2016 - 5:00 AM EST
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Venezuela's oil minister holds talks with Saudi counterpart

Caracas
, Feb 7 (EFE) - Venezuelan Oil Minister and Petroleos de
Venezuela
, or PDVSA, CEO Eulogio Del Pino said his meeting Sunday with his Saudi Arabian counterpart, Ali al-Naimi, in
Riyadh
was "productive."

Views were exchanged about the situation on the international petroleum market and the need for both Organization of the Petroleum Exporting Countries members and non-members to cooperate, Del Pino said in a statement.

"Our meeting was positive and very successful," Al-Naimi said.

The meeting was held during Del Pino's tour of oil-producing states and is part of an effort by

Venezuela
to "stabilize the market" for crude oil.
Venezuela
, the world's fifth-leading crude exporter, produces around 3 million barrels per day (bpd) of oil and exports roughly 2.5 million bpd, mostly to
the United States
and
China
.

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

Del Pino held talks with his counterparts in

Russia
;
Qatar
, which currently holds the OPEC Conference's presidency; and
Oman
before traveling to
Saudi Arabia
. EFE

dcm/hv

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Source: Equities.com News (February 7, 2016 - 5:00 AM EST)

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