Saudi Arabia’s Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuela’s Oil Minister Eulogio Del Pino ((Courtesy Reuters)

Riyadh, (IINA) – Saudi Arabia’s Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuela’s Oil Minister Eulogio Del Pino discussed on Sunday ways to stabilize the crude market, Arab News reported.

Ministers Al-Naimi and Del Pino discussed Venezuela’s recent talks with other crude producers and the results of those meetings, which seek cooperation among suppliers to bring stability to the market.

“I’m very happy to meet and consult with my colleague from Venezuela”, Al-Naimi said in the statement. “It was a successful meeting in a positive atmosphere”.

Del Pino met with Al-Naimi after visiting Russia, Iran, Qatar, and Oman on a tour to drum up support for Venezuela’s attempt to bolster oil prices.

“During the meeting, there were discussions on the cooperation of the producing countries within OPEC and outside (OPEC)… and the importance of the continuation of such consultations”, SPA reported.

Venezuela and Saudi Arabia are both members of the Organization of the Petroleum Exporting Countries (OPEC), which supplies about 40 percent of the world’s oil.

Saudi Arabia, which led the OPEC strategy in 2014 to defend market share against rival high-cost producers, is the largest producer in the group.