Venezuela confirms oil freeze meeting to take place soon

MEXICO CITY, Mar 3 (PRIME) -- Oil and Mining Minister of Venezuela Eulogio del Pino said that 15 oil producing countries will meet to discuss freezing of production soon, Venezuelan state oil company PDVSA said in a statement on Thursday.

“Del Pino said that 15 countries will meet soon to discuss oil output freeze and possible additional measures to stop the fall of oil prices and balance the market soon,” it said.

Earlier Bloomberg reported, citing the oil ministry of Nigeria, that OPEC and non-OPEC oil producers will meet on March 20 in order to discuss oil output freeze in order to support prices.

In February, Russia’s Energy Minister Alexander Novak agreed to freeze oil output with Saudi Arabia, Qatar and Venezuela. Some other countries joined the initiative, while the U.S. and Iran refused to participate.

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