Oil ministers from the Gulf region will meet this week in Qatar. The Gulf Cooperation Council (GCC) includes Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. The recent oil price decline is not on the agenda.

Saudi Arabia, Kuwait, Qatar and UAE are the OPEC members, while Bahrain and Oman are non-OPEC members.

Venezuelan President Nicolas Maduro said on Saturday that he said to the Emir of Qatar OPEC members should meet to discuss how to defend oil prices.

Earlier last week, Maduro said in an interview with RT that he and Russian President Vladimir Putin "had worked out a number of initiatives aimed at stabilizing the oil market".