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Venezuelan president suggests summit of oil producers in early 2017

December 07, 2016, 9:18 UTC+3 MEXICO
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MEXICO, December 7. /TASS/. Venezuelan President Nicolas Maduro has suggested holding a summit to bring together major oil producers, including non-OPEC states, for talks on stabilizing oil prices early next year.

Speaking in the northern Carabobo state late Tuesday, the president pledged to send his written proposals to leaders of major oil-producing countries "so that we were able to organize a summit of heads of states and governments, OPEC and non-OPEC, in the first quarter of 2017."

The meeting will aim at "considering proposals to stabilize the oil market for 10 years and defend fair and justified prices," the Venezuela’s AVN news agency quoted the president as saying.

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries will reduce their daily average output by 1.164 mln barrels starting January 1, 2017.

Now OPEC will have to make a similar deal with non-OPEC members. The cartel expects them to cut crude production by 600,000 barrels per day in 2017, including a reduction of 300,000 barrels per day by Russia.

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