Venezuela To Invite More Countries To Join Output Cuts

5 Oct 2017   OPEC, Venezuela

Up to 12 oil producing countries from South America and Africa have been invited to join the OPEC/non-OPEC production cut deal, Venezuela’s Oil Minister Eulogio del Pino said on the sidelines of an energy forum in Russia on Wednesday. At the event, Del Pino stressed on the importance that more countries join the output cut pact, Venezuela’s oil ministry said in a statement today. Currently, there are 24 countries in the deal, representing around 50 percent of the market; it would be a very positive message if we could include 12 more countries in the agreement, Del Pino said. OPEC ministers and ministers from other oil producing nations will discuss this week the progress of the production cut deal and a mechanism to monitor crude oil exports, on the sidelines of the Russian Energy Week between October 3 and 7, Russian Energy Minister Alexander Novak said on Tuesday. More […]

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