Venezuela Oil Diplomacy Reaches Saudi, But Deal Seen as Unlikely
- Naimi, Del Pino discuss producers’ rffort to stabilize market
- Analysts say Saudi Arabia unlikely to agree tp cuts for now
Venezuela Oil Tour Falls Short of an Output Deal
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Saudi Arabian Oil Minister Ali al-Naimi said he held “successful” talks on Sunday with his Venezuelan counterpart in Riyadh, the latest stop in a diplomatic push by the Latin American crude producer to rally support for coordinated output cuts.
The two met on Sunday in Riyadh to discuss Eulogio Del Pino’s talks last week with other crude producers including Russia, Qatar and Iran. Venezuela wants a meeting between OPEC and non-OPEC countries aimed at a global agreement to restore balance to an oversupplied market.