Delegations from Russia, Saudi Arabia, Mexico and Venezuela have met for the first time in such a format for talks in Vienna to discuss rapidly dropping oil prices. The group agreed to monitor prices for a year
The energy ministers have not agreed upon cutting oil production, as such agreements can only be reached during OPEC meetings, the Venezuelan Foreign Minister Rafael Ramirez said following the talks held at the Park Hyatt in Vienna on Tuesday.
He added that the group also believes the current oil prices are too low, and named a fair price at $100 per barrel.
Russia’s Energy Minister Aleksandr Novak and Igor Sechin, the head of state oil company Rosneft, attended the meeting.