Saudi Arabia and Russia said they would halt oil production as long as other major producers followed suit. Saudi Arabia, Qatar, Kuwait, and Venezuela, all OPEC members joined them in the production freeze.
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.
Venezuela has made four formal proposals to OPEC and non-OPEC states - Russia, Saudi Arabia, Iran and OPEC Head - in an attempt to summon a joint emergency meeting to tackle the continuously declining oil prices and ...
In the wake of Venezuela's call for an emergency OPEC meeting, Iran’s Oil Minister, Bijan Zanganeh, said that such a meeting would hurt the crude oil market, unless it reached a decision to shore up falling prices.
Venezuela's state oil company, PDVSA, has halted the export of natural gas to Colombia due to weather factors, the Colombian Mines and Energy Ministry announced.
Sources told Reuters that Saudi Arabia sees no need to hold a summit for oil producing countries' over oil prices if such discussions would fail to produce any concrete resolution of the outlying issue.
Mexico is willing to work with OPEC if the group tries to stabilize crude markets amid a global supply glut and slide in prices, Iran’s Oil Minister Bijan Namdar Zanganeh said