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. Last Updated: 07/27/2016

Oil Trade Band Urged




RIYADH, Saudi Arabia -- The oil ministers of Saudi Arabia, Venezuela and non-OPEC Mexico will discuss a proposal to establish a trading band for crude oil prices during a meeting in Caracas, a Saudi official said Wednesday.


The official, who spoke on condition of anonymity, said the results of the meeting, scheduled to take place in the Venezuelan capital Saturday, will then be discussed at the next ministerial meeting of the Organization of Petroleum Exporting Countries, set for Sept. 22 in Vienna.


The Saudi official also said the kingdom will advocate keeping OPEC oil production at current levels.