Venezuelan and Russian ministers discuss joint action on oil markets

Russian Energy Minister Alexander Novak addresses a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

MOSCOW (Reuters) - Venezuelan Oil Minister Eulogio Del Pino and Russian Energy Minister Alexander Novak have discussed coordinating action on the global oil markets, Russia’s Energy Ministry said in a statement.

Del Pino is visiting Moscow on Tuesday for talks with Novak and a source said he had also met Igor Sechin, the chief executive of top Russian oil producer Rosneft.

“The main topic of the talks (with Novak) was coordination of joint action on the oil market,” the ministry said.

“The sides have discussed ... participation of OPEC and independent oil producers in an agreement on limiting production, various options of which are currently being worked through,” it said.

Venezuela, a member of the Organization of the Petroleum Exporting Countries, has been actively pushing for a deal among leading global oil producers aimed at stabilizing the oil market.

Lower oil prices have hurt oil-rich Venezuela, which is in the throes of a major economic crisis which has forced some families to skip meals due to food shortages and galloping inflation.

Reporting by Vladimir Soldatkin, writing by Denis Pinchuk; editing by Andrew Osborn and Jason Neely