Venezuela has made four formal proposals to OPEC and non-OPEC states to hold talks in an attempt to summon a joint emergency meeting to tackle the continuously declining oil prices and stabilize the market, Reuters reported. Venezuelan Oil Minister, Eulogio Del Pino, will begin a global tour for talks with Moscow, Riyadh, Tehran and OPEC President, who is also Qatar’s Oil Minister. Venezuela wishes to hold a meeting in February and OPEC is now considering the request, Tasnim News Agency wrote.

Although Russian Energy Minister, Alexander Novak had confirmed the preparation for the meeting with Del Pino, Russia’s Deputy Prime Minister, Arkady Dvorkovich, played down expectations Moscow could coordinate with OPEC to reduce oil production, as the state would not intervene to balance the market. The ongoing debates, however, boosted oil prices in the last days.