to propose a policy of production ranges
ST PETERSBURG, Russia, June 16 (Reuters) – Venezuelan oil minister Eulogio del Pino said on Thursday fellow OPEC member Iran would reach pre-sanction oil output levels by September, allowing a revival of talks about a global oil production freeze.
Speaking to Reuters on the sidelines of Russia’s main economic forum in St. Petersburg, Del Pino said the freeze idea could be discussed at an informal meeting of OPEC and non-OPEC producers in Algeria in September.
He also said he would propose OPEC formally adopts a policy of “production ranges”, which would allow output of country members to fluctuate by a certain amount.
That would allow the organisation not to go back to discussing the thorny issue of a production ceiling and individual production quotas, he said.
“We will have production ranges and will monitor them constantly. That would give flexibility to correct things real time,” he added.
(Reporting by Dmitry Zhdannikov; editing by Adrian Croft)