Saudi oil minister Ali al-Naimi met with his Venezuelan counterpart on Sunday but didn’t announce any plans for the production cut the South American country says is needed to prop up crude prices. Venezuela’s Eulogio del Pino traveled to Riyadh this weekend as part of a tour of oil-producing countries both within and outside of the Organization of the Petroleum Exporting Countries, including Iran and nonmember Russia. Mr. del Pino wants Saudi Arabia, the world’s largest oil exporter, to come around to his call for an output reduction that could bring the world’s vast supply of oil back in line with demand. Mr. Naimi called the meeting “successful,” with a “positive atmosphere,” according to the state-run Saudi Press Agency. Mr. del Pino, on his official Twitter page, said the meeting was productive and focused on cooperating to “stabilize the international oil market.” OPEC and non-OPEC “countries must reach a […]