World Bulletin / News Desk

Venezuela's oil minister Asdrubal Chavez said on Tuesday that the best way towards achieving stabilisation in the oil market is through agreement and active cooperation among all exporters.

In a statement ahead of Friday's meeting of the Organization of the Petroleum Exporting Countries, he also highlighted the work being undertaken at a technical level by OPEC and non-OPEC countries.

"In this regard, one of the proposals is the need to establish a standing technical working group ... in order to monitor the market and make recommendations to increase the effectiveness of the decision-making process of the producing countries," the statement said.