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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