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/

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/

Venezuelan oil minister back from China and Russia with financial support

Venezuelan Vice-President for Economic Affairs and President of state-run oil holding Pdvsa, Rafael Ramírez, arrived in Venezuela on Monday after a tour of Russia and China which gave new financial and political support to the government of Venezuelan President Nicolás Maduro.

Ramírez informed that he visited Beijing and Moscow in search of financial support and in order to review new energy projects.

"With the Vice-President of China, Li Yuanchao, we agreed on new borrowing facilities for our country and reviewed energy projects," the Pdvsa president twitted.

"China has expressed every support to the Bolivarian government of President Maduro and all the Venezuelan people. We will win! We also visited Moscow for a meeting with President (Vladimir) Putin, where the maximum support to our government and people was expressed," he added, DPA cited.

On Monday evening, President Maduro had claimed that nationwide demonstrations, taking a toll of 18 fatalities and more than 250 injured people, seek to destabilize the country and overthrow his government.

Source: El Universal

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