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OPEC, Russia agree on mutually accepted formula of oil production cut for 6 months

December 07, 2016, 9:59 UTC+3

Oil market will stabilize in 6-9 months after production cap agreement, according to Venezuela's oil minister

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© Egor Aleev/TASS

CARACAS, December 7. /TASS/. OPEC and Russia have already agreed a mutually accepted formula of oil production cap for half a year, Venezuela’s Oil Minister Eulogio del Pino told TASS.

"We’ve reached a mutually accepted formula with the Russian side, which stipulates freezing for 6 months," he said. 

Venezuela expects the signing of documents on oil production cap with non-OPEC member-states on December 10 in Vienna, del Pino noted:

"We expect that we will sign relevant documents as agreed at the upcoming meeting." OPEC is also seeking for a moderate price of crude oil on the market:

"Our task is to get a balanced level, which will meet the interests of both producers and consumers. We want neither an excessively high price, nor an excessively low price."

Russia has played a fundamental role in reaching the agreements to cap oil output, Venezuela’s oil minister stressed:

"It was a fundamental contribution." 

Venezuela's plans for oil production 

Eulogio del Pino expects oil production in the country to reach the level of 160 mln tonnes by the end of 2016:

"I think it will reach 160 mln tonnes by the end of 2016." 

Del Pino added that there are certain difficulties with the estimations procedure in terms of the so-called secondary sources. "We are in favor of taking these sources into account. For us, this question concerns oil production in the oil belt of the Orinoco River, which has heavy oil that needs to be upgraded through special capacities - around 500,000 barrels that are not included in the agreement," he added.

According to the minister, "the overall outlook - 2.55-2.6 mln barrels per day, given the secondary sources - about 2 mln barrels per day."

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