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Venezuelan minister notes importants of Russian-Saudi steps to freeze oil output

September 06, 6:02 UTC+3 MEXICO CITY
"The statement is an important step in coordinating the joint steps by the largest producing OPEC member-state and one of the largest non-OPEC producers", Eulogio del Pino said
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MEXICO CITY, September 6. /TASS/. Venezuelan oil minister Eulogio del Pino has praised the accords reached by Russia and Saudi Arabia on joint steps to stabilize the prices of crude oil, the press service of the oil ministry said.

"The statement (issued by Russia and Saudi Arabia TASS) is an important step in coordinating the joint steps by the largest producing OPEC member-state and one of the largest non-OPEC producers," the report said.

"Besides, this initiative falls in line with the strategy that Venezuela has been working on at President Nicolas Maduro's instruction in recent months in order to seal agreements between the largest producers of crude," the ministry said.

The report also recalled that Venezuela had submitted a concrete alternative proposal to the OPEC Secretary General and had asked to put it up for consideration at a ministerial meeting in Algeria in the format of the 15th International Energy Forum.

Venezuela was seeking to attain an agreement that would balance the positions existing within OPEC today would make it possible to stabilize supplies to the market, as wll as to establish the prices fair for producers.

Earlier on Monday, Russia and Saudi Arabia, whose output meets more than 21% of the global consumption of oil, signed a joint statement on the sidelines of the G20 summit in China on stabilizing the global market of oil.

Russian Energy Minister Alexander Novak told reporters the countries were mulling a freeze on the volumes of output for three or six months.

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