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Russia and Venezuela foreign ministers to meet on oil


Petroleumworld.com 02 07 2017

Venezuela's Foreign Minister Delcy Rodriguez will meet Russian Energy Minister Alexander Novak today to discuss implementation of the oil production reduction agreement "in more detail," Russian Foreign Minister Sergey Lavrov said on Monday after the meeting with his Venezuelan counterpart.

"We highly valued the return from efforts undertaken by Russia and Venezuela in cooperation with certain other nations for the purpose of stabilizing the global oil market," Lavrov said. "Moscow and Caracas made a significant contribution into the relevant decision made by OPEC and other major oil producing countries last December in Vienna," he said. "We share the opinion that the agreement reached in Vienna will help to balance supply and demand in the long run and support investment attractiveness of the oil sector," Lavrov added.

Russia and Venezuela became members of the monitoring committee for implementation of the OPEC and non-OPEC agreement, the Russian foreign minister said. "We initiated phased reduction of production and show interest in continuing cooperation in this sphere with all nations participating in the agreement," he said.

"Ms. Rodriguez will meet Russian Energy Minister Alexander Novak today and this topic will be discussed in more detail," Lavrov added.

A source earlier told TASS Novak will meet Venezuela's newly appointed Oil Minister Nelson Martinez and Foreign Minister Delcy Rodriguez.

"There will be a meeting with the Oil Minister and with the Foreign Minister [of Venezuela - TASS]," the source said.

Reporting from Tass

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