Qatar Considering Venezuela Request for Oil Summit

Nicolas Maduro the President of Venezuela proposed holding an oil summit for the world’s largest oil producers to address the problem of plunging prices.

Mohammed al-Sada the Energy Minister from Qatar said on Thursday that a formal proposal from Maduro to hold the summit to support the prices is now under consideration.

The president of Venezuela proposed the meeting and now there are various countries studying that proposal.

Sada told local reporters following a meeting for oil ministers from the Gulf that whether non-OPEC and OPEC producers agree to a proposal is still unknown.

He did not say if the Gulf ministers addressed the issue while holding a meeting of just one day in the capital of Qatar.

Venezuela is a member of OPEC that relies very heavily on revenues from oil and has been attempting to persuade the oil producing nations to cut their production to increase the prices of oil, which have plunged by 60% since June of 2014.

Last week, Maduro was in both China and Qatar where he had talks with Vladimir Putin the President of Russia to talk about ways of stabilizing the price of oil.

Maduro traveled as well to Moscow this past January where he discussed the plunging oil prices with nations that are oil producing including Saudi Arabia, Iran and Algeria.

Prices of oil eased on Thursday in Asia as dealers were focusing on the energy report upcoming in the U.S. for clues about demand and production in the world’s top consumer amidst the abundant global supplies.

Qatar’s Sada said that oil ministers of the Gulf Cooperation Council a six-nation group reviewed during its meeting of prices amidst reports the GCC states might unify oil prices.

He did not mention if the ministers had come to a decision on the issue.

At the start of the meeting, the minister from Qatar said the GCC states – Bahrain, Oman, Qatar, Kuwait, the United Arab Emirates and Saudi Arabia – would remain partners as a source for energy to make sure the global energy market remained stable. Together they pump over 18 million barrels each day.

Leave a Reply

© 2006-2016 Mideast Time.