Baku, Azerbaijan, Feb. 17
A group of oil producing countries, including Russia, plans to monitor production and renewal of quotations in the oil market for a period of four months, Venezuelan Oil Minister Eulogio Del Pino said, RIA Novosti reported Feb. 17.
"The countries will evaluate the market and make decisions," Bloomberg quoted the minister as saying Feb. 17.
Del Pino was also quoted to say that currently the prices are in the hands of profiteers.
An agreement was reached to keep oil production at the January levels during a meeting of the Russian Energy Minister Alexander Novak and representatives of Saudi Arabia, Venezuela and Qatar in Doha Feb. 16.
Venezuelan minister explained that the agreement aims to stabilize oil market, to keep reserves for future generations.