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Venezuela Oil Minister to Visit Russia

Venezuela Oil Minister to  Visit RussiaVenezuela Oil Minister to  Visit Russia

Venezuelan Oil Minister Eulogio del Pino will visit Russia and Saudi Arabia ahead of a joint OPEC, non-OPEC monitoring ministerial committee meeting in Vienna set for Sept. 22, TASS cited the minister as saying on Monday. During his meeting with Russian counterpart, Alexander Novak, the Venezuelan oil minister will discuss the implementation of OPEC's global oil output cut deal, and “the introduction of changes, if need be”, the agency reported, giving no detail. The committee, known as JMMC, said last week it was confident the oil market was moving in the right direction but that all options, including an extension to the supply-cut pact beyond March, were open to ensure market stability. "Oil commercial stocks fell in July and the latest five-year average has been reduced from the beginning of this year," the committee said in a statement. "All options, including the possible extension ... beyond Q1 of 2018, are left open to ensure that all efforts are made to rebalance the market."

 

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