Venezuela, Kuwait assess strategies to increase oil prices

Venezuelan Foreign Minister Delcy Rodríguez also met with the Minister of Petroleum of Saudi Arabia

The Venezuelan Minister of Foreign Affairs, Delcy Rodríguez, and Kuwait's Minister of Petroleum, Al Omair, met on Sunday to ponder strategies to stabilize dwindling oil prices.

Later, Minister Rodríguez commented that she had also met with Saudi Arabian Minister of Petroleum, Al Naimi, to review proposals to strengthen the oil market, harmed by the increase in oil production in countries such as the United States, state-run news agency AVN reported.

Seeking agreements among oil nations, Venezuelan President Nicolás Maduro went on an international tour including China, Russia, and several Member States of the Organization of Petroleum Exporting Countries (OPEC), with a view to stabilizing oil prices and entering into strategic alliances.

Source: http://www.eluniversal.com/

Oil countries teams committees to meet in Caracas

Venezuelan President Nicolás Maduro: "Sooner than later, we will manage to raise the (oil) prices".

Venezuelan President, Nicolás Maduro, upon his return to Venezuela, asserted that his 13-day tour across China, Russia, Portugal and Member States of the Organization of Petroleum Exporting Countries (OPEC) (Iran, Saudi Arabia, Qatar, and Algeria) "was fruitful and successful for the plans of economic rebirth of the country."

"As a result of the oil war, there has been an abrupt slump in crude oil prices," Maduro stated in his speech from Miraflores Presidential Palace in a mandatory radio and television broadcast. He explained that in September 2014, the Venezuelan oil basket stood at USD 96 per barrel, and that on Friday, "it hit USD 38.5 per barrel;" this "is a very important matter of concern for all of us."

"While those people (Venezuelan opposition) are making a party because of the fall of oil prices, I have been devoted to defend the Venezuelan oil, the oil market, and sooner that later we will manage to raise the (oil) prices," President Maduro said.

In addition, the President informed that this week, technical committees from OPEC and non-OPEC countries would meet in Caracas, Venezuela's capital. "Our Foreign Minister, Delcy Rodríguez, and the Minister of Petroleum and Mining, Asdrúbal Chávez, are still closing the tour in other non-OPEC countries, such as Kazakhstan and Kuwait, gathering consensus for a new stage in the market. The stockholders have changed; we need to acknowledge it and be prepared," Maduro remarked.

Source: http://www.eluniversal.com/

Putin, Maduro to discuss oil prices on Wednesday

President Maduro's unannounced visit to Russia comes after his visit to Algeria, Iran, and Saudi Arabia, against the backdrop of an international tour focused on the oil crisis

Venezuelan President Nicolás Maduro will visit Russia once again on Wednesday and meet with his Russian counterpart Vladimir Putin. Top in their agenda are plummeting oil prices, the Kremlin reported.

"Vladimir Putin will meet with Venezuelan President Nicolás Maduro (...) to talk about (....) the progress of bilateral cooperation, including the fulfillment of large bilateral projects in the energy, agriculture, and industrial areas," the Kremlin informed in a communiqué, AFP quoted.

President Maduro's unannounced visit to Russia comes after his visit to Algeria, Iran, and Saudi Arabia, against the backdrop of an international tour focused on the oil crisis.

Maduro's international tour began on January 5, and has included a number of OPEC and non-OPEC countries, EFE reported.

The price of the Venezuelan oil basket hit USD 42.44 last week, while the price of the OPEC basket stands at USD 41.50.

Source: http://www.eluniversal.com/

United Arab Emirates: OPEC cannot "protect" oil prices anymore

The Brent crude oil fell on Tuesday to slightly over USD 47 in London, while in New York, the WTI stood below USD 45 –both record low prices since 2009. The price of the Venezuelan crude oil barrel was USD 115 last June

The Organization of Petroleum Exporting Countries (OPEC) can no longer "protect" crude oil prices, in free fall since last June, stressed on Tuesday Minister of Energy of the United Arab Emirates Suhail bin Mohammed al-Mazroui, who blamed large production of shale oil -which needs to be "corrected" in his view- for the slump in oil prices.

The United Arab Emirates, an OPEC member, and other Member States of the organization, including leading Saudi Arabia, would be willing to accept a low price to leave shale oil producers out of the market, specially the United States, according to some analysts.

"We cannot continue to protect a specific" price level, stated Minister Mazroui, in reference to the OPEC, during an oil industry forum held in Abu Dhabi.

The Brent crude oil fell on Tuesday to slightly over USD 47 in London, while in New York, the WTI stood below USD 45 –both record low prices since 2009. The price of the Venezuelan crude oil barrel was USD 115 last June, AFP reported.

Source: http://www.eluniversal.com/