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Iranian Foreign Affair Minister Mohammad (L)
shaking hands with Venezuelan President Nicolas Maduro (R)
in Caracas on August 27. EPA

Venezuela, Iran seek accord for oil market stability

CARACAS, August 28, 2016

Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen Opec, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif.

"We continue to build common ground and a new consensus on stabilizing oil markets, strengthening industries, strengthening Opec," Maduro said in a ceremony broadcast on state television.

He said Venezuela's oil minister and foreign minister would make announcements in the coming weeks, but did not provide details on concrete actions.

Zarif arrived in Venezuela after visiting other Latin American nations including Bolivia and Ecuador.

Venezuela since the collapse of oil prices in 2014 has sought to rally support among Opec and non-OPEC nations to boost crude prices by limiting production.

The Organization of the Petroleum Exporting Countries, however, has remained more focused on retaining market share, with heavyweight Saudi Arabia showing little interest in backing output cuts. – Reuters

Tags: Opec | Venezuela | oil market | Zarif |

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