VISITING VENEZUELAN OIL MINISTER OPTIMISTIC AHEAD OF WEDNESDAY’S OPEC MEETING

ALGIERS, -- Venezuela's Oil Minister, Eulogio Del Pino, has expressed optimism regarding the outcomes of the meeting of the Organization of Petroleum exporting Countries (OPEC) to be held on Wednesday in Vienna.

"I am optimistic," he told journalists Monday upon his arrival at Algiersinternational airport where he was welcomed by Algerian Energy Minister Noureddine Boutarfa,

The Venezueland Minister described the OPEC meeting as "extremely important", stressing that that two days preceding it were also "very important, not only for the future of oil prices but also for the world economy.

The OPEC member countries and non-OPEC oil producing countries must take action, he said.

"I and Minister Boutarfa will travel to Russia to meet with the Russian authorities and share with him our common strategy within OPEC," said Del Pino, who praised Boutarfa's efforts in promoting joint action by OPEC and non-OPEC countries.

"His (Boutarfa) efforts allowed to transform OPEC's unofficial meeting last September in Algiers to an extraordinary meeting that led to a very important decision which is to cut output to a level of between 32.5 million and 33 million barrels per day (bpd)."

He referred to the "very close ties between the leaders in Venezuela and Algeria", and affirmed that the two countries shared the same political approach and the same strategy within OPEC.

Later, Boutarfa and Del Pino headed to Moscow to meet Russian Oil Minister Alexander Novak as part of continuing consultations between OPEC members and non-OPEC oil producers.

Boutarfa will also have further talks in Vienna with his counterparts from Iraq, Saudi Arabia and Qatar before the OPEC meeting. -

Source: Nam News Network