Crude oil futures were mixed in early Asian trade on Monday after a meeting between Opec producers Saudi Arabia and Venezuela to discuss coordination on prices ended with few signs there would be steps taken to boost prices.
Saudi Arabia's oil minister Ali Al-Naimi discussed cooperation between Opec members and other oil producers to stabilise the global oil market with his Venezuelan counterpart, state news agency SPA reported.
Opec cannot allow an oil price war and must take action to stabilise the crude market soon, Venezuelan oil minister Eulogio del Pino said.
"Opec has to do something very soon ... We don't agree with th
Oil ministers of Opec nations will hold "candid, informal" talks on December 3, a day before the group's formally scheduled meeting in Vienna, Venezuela's oil minister said, adding the idea was suggested by Saudi Arabia.
President Nicolas Maduro's government predicted on Tuesday that Venezuela's inflation, already the world's highest, would be 85 per cent in 2015 and 60 per cent next year.
Though high, those figures are conservative co
Venezuelan Oil Minister Eulogio del Pino said that eight non-Opec countries have been invited to an October 21 oil meeting, including Azerbaijan, Brazil, Colombia, Kazakhstan, Norway, Mexico, Oman and Russia.
Venezuelan President Nicolas Maduro and Saudi King Salman have spoken on the phone and discussed Opec, according to the South American country's government, which is pushing for action to boost low oil prices that have battered its economy.
Venezuela's oil minister led a delegation in meetings with Saudi Arabian officials, following talks in Iran, in an Opec diplomatic tour as its need for higher oil prices gains urgency.
Suffering from a slow
Qatar is considering funding projects in Venezuela, industry and diplomatic sources said, as the Latin American state lobbies fellow crude producers to help repair the damage done to its economy by plummeting oil revenues.