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Maduro, Zarif Discuss Oil Issues

Maduro, Zarif Discuss Oil IssuesMaduro, Zarif Discuss Oil Issues

Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen OPEC, Venezuelan President Nicolas Maduro said on Saturday after meeting with Iran's Foreign Minister Mohammad Javad Zarif.

"We continue to build common ground and a new consensus on stabilizing oil markets, strengthening industries, strengthening OPEC," Maduro said in a ceremony broadcast on state television, Reuters reported.

He said Venezuela's oil minister and foreign minister would make announcements in the coming weeks, but did not provide details on concrete actions. Zarif arrived in Venezuela after visiting other Latin American nations including Bolivia and Ecuador.

Venezuela since the collapse of oil prices in 2014 has sought to rally support among OPEC and non-OPEC nations to boost crude prices by limiting production. Iran’s Oil Minister Bijan Namdar Zanganeh said last week that the country is ready to cooperate with members of the Organization of Petroleum Exporting Countries in capping oil prices.

“Iran will support any attempt to manage and stabilize the global oil market,” Zanganeh said noting that he will attend the informal OPEC meeting in Algeria in September,  but stressed that Iran’s share of oil market must reach the pre-sanctions level.

The gathering toward the end of next month will be held on the sidelines of an International Energy Forum industry conference.

Financialtribune.com