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| Saudi Minister of Oil and Mineral Resources Ali al-Naimi is meeting his Russian counterpart Alexander Novak in Doha to discuss the global supply glut that has sent prices plunging ©Fayez Nureldine (AFP) |
The Russian and Saudi oil
ministers met Tuesday in Doha to discuss the global supply glut that has sent
prices plunging, a Qatari official said.
AFP
report continues:
The
oil ministers of Venezuela and Qatar also attended the talks, the official
said.
News
of the meeting between Saudi Arabia's Ali al-Naimi and his Russian counterpart
Alexander Novak pushed up oil prices on world markets, with European benchmark
Brent crude rising above US$34 a barrel.
Oil
prices have tumbled about 70 percent since June 2014, hit by oversupply,
sluggish demand and worries about the global economic outlook.
They
have also been pressured by the return of Iran to world markets after the
lifting of international sanctions linked to its nuclear programme.
The
13-nation OPEC oil cartel, of which Saudi Arabia, Venezuela, Qatar and Iran are
members, has refrained from cutting output as it looks to maintain market share
in the face of competition from US shale oil producers.
At
around 0600 GMT on Tuesday, Brent crude for April delivery was trading US$1.30,
or 3.89 percent, higher at US$34.69 a barrel.
US benchmark West Texas
Intermediate for March delivery was up US$1.30, or 4.42 percent, at US$30.74.
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