Venezuela Seen in Uphill Battle Seeking Oil Production Cuts

Concern that U.S. shale producers would benefit from any increase in prices after a potential cut is one factor that may keep Saudi Arabia and Russia from agreeing to reduce output. Iran‘s plan to boost crude exports now that sanctions have ended is another complication. Del Pino is to meet Russian Energy Minister Alexander Novak in Moscow Monday before traveling to Qatar, Iran and Saudi Arabia, the world‘s largest oil exporter.

„There‘s a minimal chance the Venezuelans will get them to agree to anything,“ Robin Mills, chief executive officer of Dubai-based oil consultant Qamar Energy, said by phone on Sunday. „I don‘t think the conditions are there for an agreement.“