Saudi sees oil price recovery?

Venezuela’s oil minister, who has been campaigning for measures to support crude prices, said Saudi Arabia sees the oil price recovering soon.

“We met just a few moments ago… they are optimistic that very soon the price will recover but we consider that we need to do something,” Eulogio del Pino told Reuters after talking to his Saudi counterpart Ali Al Naimi on the sidelines of a summit between Arab and Latin American countries in Riyadh.

OPEC price hawk Venezuela, struggling from the collapse in crude prices, wants the group to cut output and establish a price band between $70 and $80 per barrel to ensure oilfield investments and help strengthen its shrinking economy.

But the Organisation of the Petroleum Exporting Countries (OPEC) has not adopted the proposal, and Saudi Arabia and other Gulf members have refused to cut output, choosing instead to focus on market share. Oil prices have roughly halved in the past year because of excess supply. Arabian Business