MOSCOW (Reuters) - OPEC is aiming for a moderate but not too high oil price, Venezuelan Oil Minister Eulogio Del Pino told Russia’s TASS news agency in Caracas.
“Our aim is to reach a balanced level matching the interests of producers and consumers. We don’t want a price that’s too high or too low,” he was quoted as saying.
Del Pino added that he expected oil prices to stabilise at around $60-70 per barrel following a global oil pact reached last week. The Organization of the Petroleum Exporting Countries and non-OPEC nations are due to meet in Vienna on Dec. 10 to sign a memorandum on terms of the agreement.
Del Pino told TASS he expected the market to rebalance in six to nine months following the deal, adding that Russia had played a “fundamental” role in reaching the agreement on Nov. 30 in the Austrian capital.
Non-OPEC countries are expected to contribute a reduction of 600,000 barrels per day as part of the wider agreement, of which Russia should account for half.
For a table of OPEC’s planned output cuts, click here:
Russian Energy Minister Alexander Novak is meeting Russian oil companies on Wednesday to finalise the terms of the cut before his visit to Vienna.
Del Pino said Venezuela is proposing to include Russia and Oman in a commission that would monitor the implementation of the agreement, in addition to OPEC members Kuwait, Algeria and Venezuela.
Reporting by Katya Golubkova; Editing by Dale Hudson