Venezuelan oil min. en route to Tehran

TEHRAN, Feb. 02 (MNA) – The new round of Iran-Venezuela oil talks will begin on Wednesday with the trip of the South American country’s oil minister to Tehran.

Following the fall in global oil prices, Eulogio del Pino, the Oil Minister of Venezuela, one of the influential OPEC countries in South America will arrive in Tehran on Wednesday.

Del Pino is scheduled to meet Iranian Oil Minister Bijan Zanganeh discussing the latest changes in crude prices in the global market as well as the movements in the Organization of the Petroleum Exporting Countries (OPEC).

On the verge of the visit to Iran, Eulogio del Pino met with his Russian counterpart Alexander Novak as well as Igor Sechin, Head of Russian state controlled Rosneft, on Monday as part of a foreign tour to rally support for coordinated production cuts to stem the price collapse.

Upon leaving Tehran, the Venezuelan oil minister is likely to visit Minister of Petroleum and Mineral Resources of Saudi Arabia Ali Naimi as well as the Qatari Minister of Energy and Industry Mohammed Saleh Abdulla Al Sada.

Undoubtedly, the main axis of talks between Zanganeh and Del Pini in Tehran would be investigation and evaluation of the prospects for global oil process as well as the reduced impact of OPEC in controlling the prices in addition to the supply and demand trends in the international market of crude oil.

On the other hand, experts believe that the launch of new round of oil talks between OPEC and non-OPEC countries particularly the sessions among Iran, Venezuela and Russia could lead to further isolation of Saudi Arabia in the global market.

Oil prices have plunged by more than 70 per cent over the last 18 months.

 

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News Code 114094

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