Venezuela and Saudi Arabia held talks about mutual cooperation between OPEC members to stabilize the global oil market, currently flooded with a surplus of 2mb/d, reported Reuters. Saudi Arabia’s Oil Minister, Ali al-Naimi, met his Venezuelan counterpart, Eulogio Del Pino, during his tour of oil majors countries lobbying for action to slash oil production and prop up global prices. Even though the meeting was reported as productive, the comments by Riyadh show no indication of a shift in the policy as to cut supplies, according to some OPEC delegates. OPEC had decided to increase its collective output ceiling to 31.5mb/d from the previous 30mb/d and continues feeding into the global oil glut, wrote Press TV.

As no tangible results were delivered following the meetings, crude oil prices fell amid lingering concerns over a supply overhang. Brent benchmark dropped to $33.38 and US crude declined to $30.08, added Reuters in related news.

Earlier in February, Del Pino met with six oil producers in Tehran, including OPEC members Iran and Iraq, and non-members Russia and Oman for debates. Venezuela has been calling for an emergency meeting of oil producers to discuss steps to boost oil prices, which are close to their lowest since 2003.