September 30, 2016 / 2:26 AM / in 4 years

Venezuela expects non-OPEC nations like Russia to join in output cuts

A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo

CARACAS (Reuters) - Venezuelan President Nicolas Maduro said on Thursday he expects non-OPEC oil-producing countries, like Russia, to support OPEC’s efforts to boost oil prices by reducing crude output.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday agreed to slightly reduce production for the first time since 2008 amid mounting pressure from low oil prices.

“This agreement should be consolidated in the coming days,” Maduro said in comments broadcast on state television.

“I am very optimistic that major non-OPEC producing countries, such as the Russian Federation, will also take part in this joint effort of OPEC countries.”

Venezuela has insisted for months that major oil producers should reach a consensus to freeze production levels to counter excess supply.

Maduro said he is convinced that there will be “a stable oil market” if OPEC and non-OPEC countries pledge to cut production.

Venezuela, which gets nearly all of its foreign exchange from oil exports, is facing triple-digit inflation and chronic product shortages as a result of low oil prices and a decaying state-led economy.

Maduro says his government is the victim of an “economic war” led by opposition businessmen with the support of Washington.

Reporting by Corina Pons, writing by Brian Ellsworth; Editing by Simon Cameron-Moore

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