• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 2 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 20 mins The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 12 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 9 hours Cost of oil
  • 5 hours Democrats and Gun Views
  • 19 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 2 hours USAvChina.com
  • 19 hours Trump Orders Biofuel Boost
  • 14 hours Iran says tanker oil sold at sea, buyer sets destination
  • 5 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 1 hour Iran in the world market
  • 23 hours Green New Deal Preview in Texas Town
  • 20 hours “Who’s going to bail out the Central Banks?”
The Hottest Tech Investment Sector This Year

The Hottest Tech Investment Sector This Year

Data is everything in the…

A Fracking Ban Will Never Happen

A Fracking Ban Will Never Happen

Democratic candidates are ramping up…

Russia Still Vague On Oil Freeze While Venezuela Wishes On A Star

Rosneft office

Russian Energy Minister Alexander Novak is still keeping his cards close to his chest, with the ministry reporting that he discussed with his Venezuelan counterpart, Eulogio del Pino, “coordinating action” to rebalance oil markets.

Del Pino visited Moscow earlier today, also meeting with Rosneft’s chief Igor Sechin, as part of efforts to help negotiations among OPEC members head in the right direction from Venezuela’s perspective. The South American country is perhaps the hardest-hit by the oil price crisis, with its economy in shambles and close to defaulting on its debt.

According to Del Pino, his country proposed during this meeting that non-OPEC countries take 400,000 to 500,000 barrels per day out of the market—a lofty goal indeed given the small amount of cuts OPEC was suggesting they themselves would take offline.

Russia’s energy top cat has made several noncommittal remarks regarding production levels this past week during his meetings with other senior oil officials, including Saudi Arabia’s Oil Minister Khalid al-Falih and OPEC’s secretary-general Mohammed Barkindo.

After the Novak-al-Falih meeting, both ministers offered up vague comments, reiterating that efforts were underway to restore oil’s fundamentals to a more favorable level, but did not speak about any specifics. Novak, moreover, has said earlier that although Russia is all in for a production freeze agreement in principle, it was waiting until OPEC’s members reached an agreement on the matter themselves.

Yesterday, Novak met with Mohammed Barkindo, with media quotes of the minister saying that a coordinated course of action by OPEC and non-OPEC producers was essential, and that this action should be taken as quickly as possible, since there was a very real danger of the supply/demand discrepancy worsening as winter draws nigh.

Novak added that he and OPEC’s secretary-general had indeed discussed specific steps that could be taken to achieve these ends, adding, however, that he would not like to go into any more detail about these.

Venezuela’s government, for its part, is doing its best to gain support for a freeze. This weekend, President Nicolas Maduro was in Iran, meeting with President Hassan Rouhani and the Supreme Leader of Iran, ayatollah Ali Khamenei, getting Rouhani’s total support for “any measure” aimed at restoring the market balance, but without a clear declaration that Iran would partake in these measures.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • gulag Pittsburgh on October 25 2016 said:
    Maduro is a thug dictator who has lost touch with reality. Nobody will cut oil production, as they all want to maximum revenue or market share. Venezuela is not voluntarily cutting production; it is just losing the ability to produce due to bad economic decisions by this inept govt. Output is falling fast because maintenance was not done and PDVSA does not know how. Foreign oil service firms have refused to continue working for PDVSA because they have not been paid.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play