Venezuela’s Oil Minister says the Country is on ‘A Very Good Path’ for Oil Price Prop-Up Action
In seven years crude oil rose the most bouncing back from its lowest point in about ten years or more as equities also rallied.
Futures crude scaled twelve percent in New York and eleven percent in London. The equities market also got an upward push. The slide which the U.S. stocks faced for last five days, ended. Reportedly, United Arab Emirates Oil Minister Suhail Al Mazrouei said that oil producers are ready to work in coordination and will not make any reductions in production till there is total cooperation.
On Friday, Eulogio Del Pino, Venezuela's Oil Minister said the country is on right track to join the action taken by oil producers in efforts to perk up the low oil prices. However, he did not provide any details.
Del Pino, recently visited Russia and Saudi Arabia discussing ways to perk up the oil prices and gain support from, the OPEC as well as non-OPEC producers. He said,
"We're on a very, very, very good path" without mentioning the specifics related to likely future meetings and the countries that are involved in the effort.
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