Oman Venezuela discuss coordination on oil prices

2/7/2016 5:25:34 AM

(MENAFN- Muscat Daily) Muscat-

Oman's Minister of Oil & Gas H E Mohammed al Rumhi met on Thursday his Venezuelan counterpart Eulogio Del Pino who was in the sultanate as part of his trip of oil producing countries in a bid to increase cooperation.

In Muscat the ministers discussed the current market situation.

They also discussed the importance of coordinating joint action among producing countries in an effort to stabilise the market. H E Rumhi reiterated hisapproval of the actions undertaken by Venezuela according to a statement from the Venezuelan state oil company Petroleos de Venezuela (PDVSA).

Pino is also due to travel to Saudi Arabia.

The minister has said the purpose of this tour is to talk with his counterparts in OPEC and non-OPEC countries to listen to their opinions and try to reach a consensus for joint actions to restore the stability of the oil market.

Pino sent by President Nicolas Maduro to press for coordinated action among producers visited Russia Iran and Qatar earlier. Six OPEC member states and two non-members are open to meeting according to Venezuela.

Such a gathering would be 'pointless' without Saudi Arabia which has so far withheld itssupport Commerzbank told Bloomberg.

'Absent any surprise on Sunday when Del Pino meets' with Saudi Arabian Oil Minister Ali al Naimi 'I see prices remaining vulnerable to the downside as the oil market is still oversupplied' said Giovanni Staunovo an analyst at UBS. 'We do not expect a coordinated production cut.'

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