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Saudi Arabia, Mexico, Venezuela to Further Maintain Oil Market Stability
Saudi Arabia, Mexico and Venezuela on Monday reiterated their commitment to maintaining the stability of the world oil markets and achieving equilibrium between oil supply and demand.
The oil ministers of the three oil-producing countries held a meeting in the day in the Saudi capital to exchange views on the situation of the oil markets and assess the joint efforts aimed at stabilizing the markets.
The seasonal nature of oil supply and demand leads to fluctuation of the markets, a move which calls for continuing cooperation among all oil-exporting countries in maintaining a balance between supply and demand, the ministers said in a statement issued after the meeting.
They also stressed the need to keep the oil price at the level of 25 US dollars per barrel.
The ministers pledged that their countries would maintain consultations and strengthen cooperation with the other oil producers to secure stability and transparency of the oil markets.
They also pledged to maintain dialog between oil producers and consumers.
The ministers of Mexico and Venezuela expressed welcome to a Saudi initiative on establishment of an energy forum, which they termed as "a positive step to enhance the dialog process."
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