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Consent of all oil producing nations needed for output freeze — Venezuelan oil minister

April 18, 21:02 UTC+3
Eulogio del Pino said it is not possible to make the production freeze agreement prior to the oil producing countries’ meeting scheduled in June
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©  Viktor Drachev/TASS

MOSCOW, April 18. /TASS/. There is a need to have consent of all oil producing nations to freeze production even if these are not in the meeting room, Venezuela’s oil and mining industry minister Eulogio del Pino said on Monday.

"The consent of all countries is required even if these are not present in the conference room," the minister said. Production freeze agreements are important for the fair oil price to recover, he added.

Del Pino said it is not possible to make the production freeze agreement prior to the oil producing countries’ meeting scheduled in June.

New draft agreement on oil production freeze agreement should be developed

The minister however noted that a new draft agreement of oil producing nations on the production freeze should be developed.

"It has become clear after the yesterday meeting in Doha that a draft new agreement should be developed," the minister said.

Del Pino added he intends to review the situation together with Russia’s Energy Minister Alexander Novak in calm atmosphere.

Fair oil price is $70-80/bbl 

According to del Pino, the oil price of $70-80 a barrel is a fair one and producing countries should endeavor to reach it.

"We are holding talks on $70-80 per barrel; this is the fair price the countries should seek to reach. Time when $130-140 per barrel were paid has already gone," the minister said.

Brent oil futures prices rose 0.32% to $43.24 a barrel during the Monday session on the London’s ICE, recovering after news that oil exporters failed to reach the production freeze agreement at the meeting in Doha on Sunday.

Representatives of oil producing nations met on April 17 in Doha. Delegations of eighteen countries attended the meeting. The participants failed to reach a production level freeze agreement. Negotiations ended with parties’ statements they need more time for consideration.

The parties agreed the OPEC will hold additional consultations with its members that did not take part in negotiations prior to the OPEC summit in June, Russian Energy Minister Alexander Novak said earlier.

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