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Venezuela and Saudi Arabia agreed to cut oil production

The Minister of Finance of Venezuela, Alosio del Pinho, who visited during middle East tour, Riyadh, failed to convince the Saudis to agree to reduce oil production volumes.

His Saudi counterpart Ali al-Naimi described the meeting as fruitful and held in a warm atmosphere, but in a joint press conference with the announcement of the results of the meeting and has not followed.

It should be noted that Venezuela was one of the economies that suffered from the fall in oil prices. Since the summer of 2014 the price of «black gold», the exports of which account for the overwhelming majority of Venezuela’s GDP, fell by 70%.




Venezuela and Saudi Arabia agreed to cut oil production 08.02.2016

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