Monday, September 19, 2016

Maduro calls OPEC and NON-OPEC countries to stabilize market

Venezuelan president Nicolas Maduro called for OPEC (Organization of Petroleum Exporting Countries) and non-OPEC members to make a move to stabilize the global oil market. He confirmed that both OPEC and non-OPEC parties are close to making a deal, and hope that it can be announced this month.

"We had a long bilateral meeting with Rouhani. We're close to a deal between OPEC producer countries and non-OPEC," Maduro said in a news conference. Positive talks were established between fellow OPEC leaders who attended the Summit of the Non-Aligned Movement held in his own country, in the island of Margarita.

Aside from speaking with the Iranian president, Maduro said that he also talked to Rafael Correa, president of Ecuador, with the hopes of coming up with an agreement by the end of the month. Both countries are members of the OPEC.

According to Algeria’s official news agency, OPEC Secretary-General Mohammed Barkindo confirmed during a visit to Algeria that the 14 energy ministers of OPEC member-countries may call a special meeting to discuss oil prices if they reach an agreement at the sidelines of the International Energy Forum to be held in Algiers on September 26 to 28. Russia, a non-OPEC oil producer, confirmed attendance to the said forum.

Iran and Tehran is said to support any move to stabilize global oil market and lift prices. The Venezuelan president thinks that such steps are imminent at these times.

Talks on freezing oil production levels are also likely to be revived in the said meeting. After announcement of possible deal close, oil gains with West Texas intermediate recently up by 1.51 percent at $43.68 a barrel. Brent crude is up 1.7 percent, or 77 cents, at $46.54 per barrel while U.S. crude was up 78 cents, or 1.8 percent, at $43.81 a barrel.

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