Russia, Venezuela Discuss Joint Action on Oil Market

Venezuelan Oil Minister Eulogio Del Pino and Russian Energy Minister Alexander Novak have discussed coordinating action on the global oil markets, Russia's Energy Ministry said in a statement.

Del Pino visited Moscow on Tuesday for talks with Novak and a source said he had also met Igor Sechin, the chief executive of top Russian oil producer Rosneft, Reuters reported.

"The main topic of the talks (with Novak) was coordination of joint action on the oil market," the ministry said.

"The sides have discussed ... participation of OPEC and independent oil producers in an agreement on limiting production, various options of which are currently being worked through," it said.

Venezuela, a member of the Organization of Petroleum Exporting Countries, has been actively pushing for a deal among leading global oil producers aimed at stabilizing the oil market.

Lower oil prices have hurt oil-rich Venezuela, which is in the throes of a major economic crisis which has forced some families to skip meals due to food shortages and galloping inflation.

Last month, OPEC countries reached a consensus on the outlines of an initiative to cap production and restore balance to a market awash in excess crude supplies. The group is expected to iron out the details of the agreement in its meeting next month.

The 14-member group is hoping Russia, the world’s biggest oil producer, joins in. The country is making progress toward an output agreement with OPEC, Novak said on Monday after talks with officials from the group in Vienna.

The discussions addressed “concrete” production levels, he said, declining to elaborate.