Venezuela, Iran Hold Oil Price Stability Talks

by Ship & Bunker News Team
Monday August 29, 2016

Venezuelan President Nicolas Maduro Saturday said he held talks with Iranian Foreign Minister Mohammad Javad Zarif over ways to stabilise the oil markets, local media reports.

Maduro added that further related announcements will be made in the coming weeks, but provided no specific details.

"We continue to build common ground and a new consensus on stabilising oil markets, strengthening industries, strengthening OPEC," he said.

The discussions came as part of general talks aimed at improving strategic relations between the two nations, which also saw the country's Central bank authorities sign an agreement to "strengthen links" and Maduro to name Chief General Jesus Gonzalez as the country's new ambassador to Iran.

"We are advancing in our bilateral cooperation as well as in matters of mutual interest for economic development ... we are going to create a new dynamism in Venezuela-Iran relations," said Maduro.

Iran has been a key figure in oil price movements of late, a case in point being markets last week reacting positively to rumours the country would support September freeze talks in Algeria. 

Zarif, meanwhile, has been on a tour of Latin American nations which earlier this month took place in Nicaragua, where he discussed Iran's possible involvement in the $50 billion "Nicaragua Grand Canal" project.

Ship & Bunker News Team
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