Venezuela’s oil minister announced that a rare technical meeting between oil producers – including members and non-members of the OPEC bloc – will meet later in October.
"Minister (Eulogio del Pino) said that on October 21, a technical meeting between Organization of Petroleum Exporting Countries (OPEC) and non-OPEC will take place," read a statement from Venezuela’s state-owned oil company, Petroleos de Venezuela (PDVSA).
The statement said the minister, who is also PDVSA president, confimed the meeting after speaking by telephone with his Russian counterpart, Alexander Novak, on topics including "cooperation among members of the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC oil-producing countries."
No confirmation was given of which states will me represented at the Vienna, Austria meeting.
Venezuela is among a number of oil-exporters that has been pushing for a cut in oil production in order to stabilize the market after a dramatic decrease in the price of crude which saw the cost slip from a high of US$98 per barrel in 2013 to the current price of US$40 per barrel.
In September, Venezuelan President Nicolas Maduro proposed a summit between major world oil producers from OPEC and non-OPEC members to discuss production cuts.
OPEC currently accounts for approximately 45 percent of world oil production.