Venezuela’s Maduro in Saudi Arabia for talks

Maduro landed on Saturday in Riyadh where Deputy Crown Prince Moqren bin Abdul Aziz received him

Published: Updated:
Enable Read mode
100% Font Size

Venezuelan President Nicolas Maduro has arrived in OPEC’s leading oil producer Saudi Arabia, state media reported on Sunday, after he visited Iran to discuss the impact of plummeting crude prices.

Maduro landed on Saturday in Riyadh where Deputy Crown Prince Moqren bin Abdul Aziz received him, the Saudi Press Agency said.

“The Venezuelan president was accompanied by a number of ministers,” it said, giving no further details.

Saudi Arabia is the world’s largest crude exporter and the biggest producer in the 12-member Organization of the Petroleum Exporting Countries (OPEC), to which Venezuela and Iran also belong.

While Saudi Arabia says it is financially strong enough to withstand the drop in world oil prices, which fell about 50 percent last year, the budgets of Venezuela and Iran are under strain.

Venezuela has said it is willing to cut production to support prices but OPEC decided in November to maintain an output ceiling of 30 million barrels per day.

The decision intensified the price slide that began in the middle of the year, blamed on softer growth in demand and a stronger United States dollar as well as oversupply.

Iran’s President Hassan Rowhani, his oil minister and other top officials have criticized Saudi Arabia for not backing steps to bolster prices.

During his meeting with Maduro on Saturday, Rowhani again appeared to single out Riyadh, in remarks carried on the Iranian government’s website.

“Without doubt, cooperation of countries that are on the same line in OPEC can neutralize the plans of some powers who are against OPEC, stabilizing a reasonable price for oil in 2015,” Rowhani said.

According to the official remarks, Maduro echoed Rowhani, “calling for the cooperation of oil exporting countries to bring back stability.”

Saudi Oil Minister Ali al-Naimi has been quoted as saying it is unfair to expect the cartel to reduce output if non-members, who account for most of the world’s crude production, do not.

Top Content Trending