Venezuela: Non-OPEC Participation in Ddeal Would Cut 1.2M Bpd


CARACAS, Oct 4 (Reuters) - Participation by non-OPEC countries in a deal to stabilize oil prices would remove a total of 1.2 million barrels per day from an oversupplied market, Venezuela's Oil Minister Eulogio Del Pino said on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC) agreed last week to bring its production to between 32.5 million and 33.0 million bpd by cutting some 700,000 bpd.

The group, which meets in Vienna on Nov. 30 to finalise the deal, has invited Russia and other non-OPEC producers to join in making cuts.

"With the deal between OPEC countries, some 700,000 bpd are taken out of the market, and by adding non-OPEC, it's 1.2 million bpd," Del Pino said in a televised broadcast.

Price hawk Venezuela, which is suffering a deep economic crisis worsened by a fall in oil prices, has been pushing for a deal for months and has said it expects non-OPEC countries to support efforts to boost oil prices.

Negotiations with countries outside OPEC are "very advanced" and nations including Russia, Oman, Azerbaijan, and Kazakhstan will join the "historic agreement," Del Pino said.

Iran's oil minister said earlier on Tuesday that the cooperation of non-OPEC producers would play an important role in stabilizing oil prices.

Both Brent and U.S. crude on Tuesday added slightly to a rally since last week on bets that OPEC and non-OPEC oil producers could reach an agreement on limiting production.

(Reporting by Eyanir Chinea and Diego Ore; Editing by Cynthia Osterman and Marguerita Choy)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Regulatory Compliance Specialist
Expertise: HSE Manager / Advisor|Offshore Position Surveying|Regulatory Compliance
Location: Houston, TX
Shipping and Receiving Specialist
Expertise: Logistics Management|Port Operations
Location: College Station, TX
Safety and Environmental Management System Specialist (SEMS)
Expertise: Environmental, Safety & Training|Regulatory Compliance|Safety Engineering
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours