Crude oil prices have fallen after talks between Saudi Arabia and Venezuela showed no signs of significant steps needed to stabilise the crude market that is increasingly strained by the global oversupply.

Global benchmark Brent futures LCOc1 dropped 8 cents at $34.98, while the US crude futures CLc1 decreased by 23 cents to $30.66, Reuters reported.

Saudi Arabia Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuelan Oil Minister Eulogio Del Pino discussed cooperation between members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers to stabilise the oil market globally.

"Del Pino said that the meeting was ‘productive’."

Del Pino said that the meeting was ‘productive’.

Iranian Oil Minister Bijan Zanganeh was quoted by the ministry’s news agency Shana saying that French company Total had agreed to buy 160,000 barrels per day (bpd) of crude from Iran for delivery in Europe.

Zanganeh said Italy’s Eni and Saras are also interested to buy 100,000bpd and 60,000bpd-70,000bpd respectively.

A Platts China Oil Analytics report revealed that oil demand in the country contracted by 0.8% in December 2015 from a year earlier to 11.35 million barrels per day (b/d).

Data from the country’s National Bureau of Statistics (NBS) showed that refinery throughput during the month averaged 10.84 million b/d.

Image: The US crude futures CLc1 slipped by 23 cents to $30.66. Photo: courtesy of Just2shutter/ FreeDigitalPhotos.net.