TEHRAN- Venezuela’s Oil Minister Eulogio Del Pino Diaz and Iranian Oil Minister Bijan Namdar Zanganeh will meet today in Tehran to discuss coordination to stabilize oil markets, according to the Shana news agency.

Del Pino, who is also head of the state oil company Petroleos De Venezuela (PDVSA), met Alexander Novak, Russia’s energy minister, and Igor Sechin, chief executive of Kremlin-backed oil company Rosneft on February 2 to talk over possible join efforts aimed at global oil markets stabilization.

Following his visit to Iran, Venezuela’s Oil Minister would travel to Qatar and Saudi Arabia to further discuss controlling falling oil prices.

Del Pino has been meeting energy officials from Russia and Organization of the Petroleum Exporting Countries (OPEC) as he tries to rally support for production cuts to stem the oil price collapse.

Venezuela has led calls for an emergency meeting of ministers from OPEC and non-OPEC producer countries to prop up oil prices, despite the reluctance of some members.

Novak this week said Russia was willing to participate in discussions with other big oil producers, though he has cautioned they are far away from agreeing any output cut.

OPEC delegates have said no formal meeting has yet been arranged.

The oil price dropped below $30 a barrel to levels not seen in more than a decade earlier this month.

SJ/MA/