By November 15, 2016 Read More →

OPEC supply deal: Venezuela’s Maduro to meet Barkindo on Wednesday

OPEC supply deal

Venezuelan President Nicolas Maduro will meet on Wednesday to discuss the possible OPEC supply deal with OPEC’s Secretary-General Mohammed Barkindo.

Venezuela has pushed for OPEC supply deal since 2014 price collapse

CARACAS, Nov 15 (Reuters) – Venezuelan President Nicolas Maduro said on Tuesday he will meet with OPEC Secretary-General Mohammed Barkindo in Caracas to discuss a potential agreement to limit global oil production.

“Tomorrow I have a meeting with Mohammed Barkindo to continue working on an agreement that should be signed between OPEC and non-OPEC (oil) producers at the end of this month that should stabilize the price of oil,” Maduro said during a radio broadcast.

Venezuela, which depends on oil for almost all of its foreign exchange revenue, has pushed the Organization of the Petroleum Exporting Countries to slash crude output since oil prices collapsed in 2014.

Its calls were initially ignored by major energy players such as Saudi Arabia, but oil producers have shown increased interest in coordinating output as continued weakness in crude markets pinches the finances of OPEC countries.

(Reporting by Caracas newsroom; Editing by Chris Reese and Richard Chang)

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