Venezuela Committed To Finding Way To Stabilize Oil Market - Minister

BUENOS AIRES (UrduPoint News / Sputnik - 09th April, 2020) Venezuelan Oil Minister Manuel Quevedo said Thursday his country was committed to resolving the oil market crisis that has been keeping crude prices down.

Energy minister from the OPEC group of oil exporting countries, Russia and other non-OPEC producers met via video conference to discuss ways to shore up oil prices amid global production glut and a coronavirus-driven decline in demand.

"Venezuela supports the initiative of Saudi Arabia and Russia at the 9th Extraordinary Meeting of OPEC+ that aims to reach decisions on how to stabilize the oil market and, by extension, all national economies," Quevedo tweeted.

Russian Energy Minister Alexander Novak said at the meeting that all oil producers must work together to address the growing overproduction as the pandemic continues to weigh down on the global economy. Saudi Arabia has compounded the crisis by flooding the market with cheap oil after the OPEC+ deal on output cuts collapsed last month.