Venezuela Will Circulate New Proposal To Support Oil Prices Next Week

Reuters

CARACAS, Jan 15 (Reuters) - Venezuela will next week circulate a new proposal to crude producers in a bid to support oil prices, President Nicolas Maduro said on Sunday, without providing details.

"Venezuela, as of next week, will circulate a letter with a new proposal, a new formula for the stability of real and just prices so that it can be studied and debated by all the governments that have signed this deal," he said in a speech.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico.

(Reporting by Alexandra Ulmer and Diego Ore; Editing by Will Dunham)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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