The representatives of OPEC and non-OPEC countries will discuss a new strategy for the oil sector in Vienna. The head of the international cooperation department, Ilya Galkin, will represent Russia at this meeting.
The meeting will be attended by the President of Venezuela Nicolas Maduro. It is expected that he will propose a new strategy to increase oil prices, which envisages a gradual decline in production, but the price should not fall below $70 per barrel.
"The world economy needs its main energy, oil, to remain stable in the market in the coming years," Maduro noted. The high level of volatility in the global oil market has a negative impact on the economy of Venezuela.
Mexico's Energy Ministry, Pedro Joaquin Coldwell, recently announced that he plans "to receive information and exchange it with other producers", but Mexico "will not take part in any reduction in production volume."
