Venezuela Says OPEC is Close to Reaching Oil Output Freeze Deal

Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets and that he aimed for a deal to be announced this month.

OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria, the country’s state news agency, APS, reported on Sunday.

Maduro, an oil price hawk who was speaking at the end of a summit of the Non-Aligned Movement on Margarita Island, Venezuela, where diplomats also met to discuss the oil market, said a deal was imminent.

“We had a long bilateral meeting with Rouhani. We’re close to a deal between OPEC producer countries and non-OPEC,” Maduro told a news conference.

Iranian President Hassan Rouhani, who attended the summit, said Tehran supported any move to stabilize the global oil market and lift prices, according to the Iranian Oil Ministry news agency, SHANA.

Venezuela has been seeking an oil deal for years as its state-led economy reels under low oil prices, and has often said it was close to reaching an agreement.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza