Saudi king, Venezuelan president discuss oil market stability

Saudi king, Venezuelan president discuss oil market stability
Venezuela's President Nicolas Maduro speaks during the 23rd World Energy Congress on October 10 in Istanbul. (AFP)
Updated 23 October 2016

Saudi king, Venezuelan president discuss oil market stability

Saudi king, Venezuelan president discuss oil market stability

RIYADH: Custodian of the Two Holy Mosques King Salman of Saudi Arabia met Venezuela’s president in Riyadh and discussed ways to stabilize global oil prices, SPA reported.
King Salman and President Maduro “reviewed areas of bilateral cooperation... and the latest developments including cooperation for the stability of oil markets,” SPA said.
Energy, Industry and Mineral Resources Minister Khalid Al-Falih said earlier that the views of the Kingdom and Russia on the need to stabilize the market “are getting closer.”
“We have managed today... through a common meeting to reach a common notion to what we can reach in November,” Al-Falih said, referring to an OPEC meeting in Vienna on Nov. 30, when the exporting group is set to finalize a production cut agreement.
President Maduro was quoted on Saturday as saying that OPEC and non-OPEC nations were “very close” to an agreement on oil production curbs, Azerbaijan’s state news agency Azertag reported.