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OPEC output deal: Venezuela looks for half million b/d of non-OPEC oil to be taken off market

OPEC output deal

Eulogio del Pino says non-OPEC countries adding half of the oil to the global supply should have to take out half of that ratio from the market. Reuters photo by Raheb Homavandi.

OPEC output deal could help balance market

MOSCOW, Oct 25 (Reuters) – Venezuelan Oil Minister Eulogio Del Pino said on Tuesday his country had proposed that non-OPEC countries remove 400,000-500,000 of barrels of crude oil per day (b/d) from the market to help support prices.

Del Pino is visiting a number of oil-producing countries this week, including Russia, in a bid to whip support for measures to boost oil prices. Higher prices would help Venezuela’s struggling and commodity-dependent economy.

“There is a proposal that we have (to non-OPEC). If OPEC is producing 33 million barrels of oil per day … and if non-OPEC incorporate 16 million, or half, they should also take out half of that ratio from the market, 400,000 or 500,000 barrels of oil per day,” Del Pino said.

Del Pino said he had discussed the idea with Russian Energy Minister Alexander Novak in Moscow on Tuesday and that any potential oil freeze or output reduction deal between OPEC and non-OPEC members needed to be reached by an OPEC meeting scheduled for Nov. 30.

“We are in constant communication so that we will not miss this opportunity to take an action”, Del Pino said.

Novak met with oil ministers from Saudi Arabia and Qatar, as well as OPEC Secretary General Mohammed Barkindo in recent days. He said on Monday an oil output freeze or even a cut for a certain period of time was the right decision to stabilise global energy markets.

(Reporting by Vladimir Soldatkin; Writing by Denis Pinchuk; Editing by Polina Devitt/Andrew Osborn/Jack Stubbs)

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