NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Venezuela's Maduro says oil producers close to output cap deal

Published 22/10/2016, 20:06
© Reuters. An oil pump is seen in Lagunillas

BAKU/DUBAI (Reuters) - Venezuelan President Nicolas Maduro was quoted on Saturday as saying that OPEC and non-OPEC nations were "very close" to an agreement on oil production curbs, Azerbaijan's state news agency Azertag reported.

"Today with (Azeri) President Ilham Aliyev we talked about reaching agreements between OPEC and countries that are not members of the cartel. We are very close to reaching agreements and signing a relevant deal," Azertag quoted Maduro as saying in Baku, Azerbaijan's capital city.

"I believe that the relevant agreement will be reached within a very short time and we will announce it. This will pave the way for a new era of stability and investments, stable output and new oil price formula," he said.

Maduro later visited Iran and discussed issues including the oil market with Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani.

Ayatollah Khamenei told Maduro that a fall in oil prices was a "tool for pressuring countries that are independent of the United States", the Islamic republic's arch-enemy, Iranian state media reported.

"Through wise policies and increased cooperation, it is possible to defeat such plots and enmity," state broadcaster IRIB quoted Khamenei as saying.

Rouhani told Maduro that "Iran supports any action in line with the stability of the oil market, a fair price and a fair share (of production)," IRIB reported on its website.

Maduro visited Azerbaijan and Iran as part of an international trip that also includes visits to Saudi Arabia and Qatar and is aimed at pushing a deal to stabilise oil markets.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in Algiers on Sept. 28 to reduce production to a range of 32.5 million to 33.0 million barrels per day, which would be its first output cut since 2008. Another meeting on Nov. 30 is set to firm up details of the accord.

© Reuters. An oil pump is seen in Lagunillas

Azertag also quoted Aliyev as saying Azerbaijan would not increase oil production and exports, reinforcing the statement he made last week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.