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Venezuela Tries to Convince Oil Nations to Cut Production

  • Oil Minister Eulogio Del Pino meets Russia's Novak Monday
  • OPEC's oil output reaches record as Iran plans export boost
Bloomberg business news

Who Comes to the Rescue of Failing Emerging Markets?

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Venezuela’s Oil Minister Eulogio Del Pino faces an uphill battle persuading Russia and Saudi Arabia to cooperate in cutting oil production amid a supply glut that has pushed prices down more than 30 percent in the past year.

Concern that U.S. shale producers would benefit from any increase in prices after a potential cut is one factor that may keep Saudi Arabia and Russia from agreeing to reduce output. Iran’s plan to boost crude exports now that sanctions have ended is another complication. Del Pino is to meet Russian Energy Minister Alexander Novak in Moscow Monday before traveling to Qatar, Iran and Saudi Arabia, the world’s largest oil exporter.