Tuesday, January 18, 2022

Venezuela, Iran seeking consensus to stabilize oil markets

Venezuela's oil minister and foreign minister would make announcements in the coming weeks, but did not provide details on concrete actions.

By: Reuters | Caracas |
August 28, 2016 6:19:38 am
Oil market, Venezuela, IRAN, OPEC, Oil prices, global oil rates, latest news, world news, BUSINESS NEWS 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. (File)

Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen OPEC, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian 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.

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. The Organization of the Petroleum Exporting Countries, however, has remained more focused on retaining market share, with heavyweight Saudi Arabia showing little interest in backing output cuts.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
X