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Venezuela's Maduro says oil producers close to output cap deal
October 22, 2016 / 3:11 PM / in a year

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

BAKU, Oct 22 (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 is visiting Azerbaijan as part of an international trip that also includes visits to Saudi Arabia, Iran, 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.

Azertag also quoted Aliyev as saying Azerbaijan would not increase oil production and exports, reinforcing the statement he made last week. (Reporting by Nailia Bagirova; Writing by Maria Kiselyova in Moscow; Editing by Adrian Croft)

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