Venezuela Sees Oil Output Deal Cutting 1.2 Million Barrels a Day

Caracas, – Participation by non-OPEC countries in a deal to stabilize oil prices would remove a total of 1.2 million barrels per day from an oversupplied market, according to Venezuela’s Oil Ministry. “With the deal between OPEC countries, some 700,000 bpd are taken out of the market, and by adding non-OPEC, it’s 1.2 million bpd,” Venezuela’s Oil Minister Eulogio Del Pino said in a televised broadcast.

Negotiations with countries outside OPEC are “very advanced” and nations including Russia, Oman, Azerbaijan, and Kazakhstan will join the “historic agreement,” Del Pino added.

The Organization of the Petroleum Exporting Countries (OPEC) agreed last week to bring its production to between 32.5 million and 33.0 million bpd by cutting some 700,000 bpd.

The group, which meets in Vienna on Nov. 30 to finalise the deal, has invited Russia and other non-OPEC producers to join in making cuts.

Source: Qatar News Agency

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