Putin, Maduro ‘to discuss oil price stabilisation’

03 September 2015, News Wires – Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro are to meet “to discuss oil price stabilisation” during a visit to China this week, according to reports.

Venezuelan President Nicolas Maduro

President Nicolas Maduro of Venezuela

The two, who will attend a military parade in Beijing marking 70 years since the end of World War Two in Asia, are expected to exchange ideas and discuss measures to stabilise oil markets and prices, Reuters said.

Meanwhile, Russian news outlet, Moscow Times reported that the meeting between Putin and the head of Opec member Venezuela is unlikely to yield any concrete results.

A source told the newspaper that the two will only exchange views on the oil market, as they are “unlikely to agree to prop up prices”.

Russia so far has been unwilling to deliberately cut its crude oil output to support prices, saying it would later be virtually impossible to restart pumping oil at wells that mostly sit in Siberia.

On Wednesday, during Putin’s visit in Beijing, Russian oil and gas companies have been signing deals and agreements with Chinese players to jointly develop projects in Siberia.

Rosneft and Sinopec entered a pact for the Russkoye and Yurubcheno-Tokhomskoye oil and gas fields, while Novatek sold off a near 10% in the giant Yamal LNG to Chinese state-based investor Silk Road.

– Upstream

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