Oil prices may plummet to as low as $25 per barrel following the failure of oil producers to agree on production freezes during a recent meeting in Doha, Venezuelan Oil Minister Eulogio del Pino told Sputnik on Wednesday.

MOSCOW (Sputnik)�� On Sunday, major oil-producing countries failed to�reach an agreement in�the Qatari capital of�Doha to�maintain output at�January levels. The news triggered a sharp drop of�about 4 percent in oil prices.

"And when we are going to�be [Organization of�the Petroleum Exporting Countries (OPEC) meeting] in�June <�> let's see what happens if the price is in�the order of $25 to $30, how those discussions are going to�be held. It's going to�be completely different," del Pino said at�the oil and gas conference in�Moscow, commenting on�the lack of�agreement.

Global oil prices plunged from $115 to�less than $30 per barrel between�June 2014 and January 2016, hitting their lowest levels since�2003 amid�an ongoing glut in�global oil supply.

On Sunday, the world's major oil-producing countries, including both Organization of�the Petroleum Exporting Countries (OPEC) members and non-cartel states, failed to�reach an agreement in�the Qatari capital of�Doha to�maintain output at�current levels. Saudi Arabia cited Iran�s absence from�the talks as�the reason it could not support an output freeze.

Venezuela is ready to�work with�both Saudi Arabia and Iran, as�well as�other oil producing states, following�the failure to�reach an agreement on�oil production freezes, Oil Minister Eulogio del Pino told Sputnik on�Tuesday.

"We are very open to�talk to�them <�> When I did my visit at�the end of�January to�each countries [I was] trying to�find some ways that everyone can talk," del Pino said at�the oil and gas conference in�Moscow, answering a question on�whether Venezuela was ready to�negotiate with�Iran and Saudi Arabia.

The minister noted that the Doha meeting was very political, and some factors emerged at�the last minute changing Saudi Arabia�s position on�freezing oil output.

"We are going to�continue working to�reestablish the communication and the coordination at�the OPEC and non-OPEC to�equilibrate the prices," del Pino added.

In February, the energy ministers of�Saudi Arabia, Qatar, Venezuela and Russia addressed the oil market situation in�Doha and agreed to�freeze oil production at�January levels if other countries followed suit.

Relations between�the Saudi kingdom and Iran have been strained since�early January when Riyadh severed diplomatic ties with�Tehran over�an attack on�its embassy and consulate following�the execution of�a prominent Shia cleric.

By Sputnik News