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Venezuela hails OPEC agreement to cap oil output, stabilize prices

Xinhua, September 30, 2016 Adjust font size:

Venezuela hailed on Thursday the oil output freezing deal reached by Organization of the Petroleum Exporting Countries (OPEC) in an attempt to stabilize prices.

In a statement, Venezuela's Foreign Affairs Ministry lauded "the historical agreement" reached at an informal meeting in Algeria on Wednesday, which "includes a freeze in output by the OPEC members."

The participants agreed to limit oil output from 33.24 million barrels per day (bpd) to 32.5-33 million bpd, and to set up a high-level technical committee to oversee the output share of each member.

The agreement "reflects Venezuela's untiring efforts for almost two years in search of a consensus to stabilize the oil market and reduce the perverse effects of financial speculation and futures markets on hydrocarbon production," said the statement. Endi