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Venezuela urges OPEC, non-OPEC producers to stabilize oil market

Xinhua, November 29, 2016 Adjust font size:

Visiting Venezuelan Oil Minister Eulogio Del Pino on Monday urged members and non-OPEC members of the Organization of Petroleum Exporting Countries (OPEC) to "work together" to stabilize crude prices.

"OPEC and non-OPEC countries have to work together to stabilize the oil market," said the Venezuelan minister on arriving at the Algiers international airport, where he was greeted by his Algerian counterpart Noureddine Boutarfa.

"The objective is to meet with the Russian authorities to share with them our common strategy within OPEC," Del Pino told reporters at the airport before the two ministers flew to Moscow.

A crucial OPEC meeting is due to take place on Wednesday at its headquarters in the Austrian capital of Vienna, when the cartel's oil ministers will discuss ways to maintain the oil prices between 50 and 60 U.S. dollars per barrel.

To this end, Algeria has proposed to reduce the OPEC output by 1.1 million barrels per day (bpd).

But non-OPEC countries, including Russia, have to join the initiative to make it work.

In September, the 14 OPEC members reached a historical agreement in Algiers to slash oil output from 33.4 million bpd to between 32.5 and 33 million bpd.

The agreement is expected to be put into effect in the cartel's Wednesday meeting. Endit