Saudi Arabia holds successful talks with Venezuela, country´s oil minister says

Saudi Arabia held "successful" talks over the weekend with Venezuela, which is also a member of the Organisation for Petroleum Exporting Countries, on possible avenues of cooperation to help stabilise the crude market, according to the country´s oil minister.

“I’m very happy to meet and consult with my colleague Venezuelan Oil Minister Eulogio Del Pino. It was a successful meeting in a positive atmosphere,” Saudi Arabia´s oil minister Ali al-Naimi said in a press statement issued by the country´s ministry, Bloomberg reported.

Al-Naimi´s remarks followed meetings with his Venezuelan counterpart, Eulogio del Pino, which were held over the weekend in Riyahd, Saudi Arabia.

Del Pino had previously met with his peers in Russia, Iran, Qatar and Oman in a bid to create a consensus around production cuts to help prop up the price of crude oil.

As of 09:16 front month Brent oil futures were rising by 1.1% to $34.44 per barrel on the ICE as traders reacted to the remarks from al-Naimi.