Updated 06:23 PM EDT, Wed, Oct 27, 2021

Venezuelan Oil Minister Holds Meeting with Qatari Counterpart to Discuss Dropping Prices

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Venezuelan Oil Minister Eulogio Del Pino's meeting with his Qatari counterpart yielded good results.

Del Pino is currently holding meetings with producers of the Organization of the Petroleum Exporting Countries, or OPEC, to discuss steps to prop up oil prices. According to Del Pino, his meeting with Qatar's Energy Minister Mohammed al-Sada, who is the current holder of the rotating OPEC presidency, was "good and productive," Al Arabiya reported.

Qatar's Ministry also said that the two ministers "exchanged views and expectations in the short and long term," though no further details were provided, the news outlet noted.

Venezuela has requested an emergency meeting with its fellow OPEC members in January through a letter, writing that the falling oil prices is causing serious repercussions on the group's most vulnerable members. The South American nation is one of OPEC's Fragile Five members, which also includes Algeria, Iraq, Libya, and Nigeria.

On Wednesday, Iran's news agency Shana reported from Del Pino that six oil producing countries, including OPEC members Iran and Iraq, and non-members Russia and Oman, supported a producer meeting, Al Arabiya further reported. So far, however, none of OPEC's Gulf members, including top exporter Saudi Arabia, has publicly supported an emergency meeting,

After his meeting with Qatar's Energy Minister, Del Pino met Oman's Oil Minister Mohammad bin Hamad al-Rumhy, who "reiterated his support of the actions Venezuela has taken to stabilize the market," according to The Fiscal Times. Oman is an important oil producer but it doesn't have the huge oil and financial reserves of its Gulf neighbors. Plus, the country is not an OPEC member.

Del Pino is also set to visit Riyadh for further negotiations, The Fiscal Times added. He is scheduled to have a meeting with Saudi Arabia's Oil Minister Ali al-Naimi there on Sunday.

Saudi Arabia and Russia are uncertain when it comes to reducing oil output. One of the countries' major reasons for that is because they are concerned that United States shale producers would benefit from any increase in oil prices following a potential cut, according to analysts Robin Mills and Edward Bell, Bloomberg reported.

Efforts to coordinate production cuts are also complex because of Saudi Arabia's goal of defending sales and Russia's failure to control production in winter months, when output cuts can harm fields, the news outlet noted.

Brent crude fell from $115 a barrel in June 2014 to less than $30 last month, the news outlet added. Saudi Arabia, OPEC's de facto leader, supplies around 40 percent of the world's oil. OPEC's pump in January is its highest output since 1996 after it restarted Indonesia's membership.

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