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Venezuela to put forward new proposal on stabilizing oil prices

The president underlined the need to hold a meeting of 25 oil producing countries in Qatar in the first quarter of the year

MEXICO CITY, January 16. /TASS/. Venezuela plans to unveil its new initiative on stabilizing oil prices on the global market in the coming days, President Nicolas Maduro said in his state of union speech before the Supreme Court.

"Next week, Venezuela will send a letter with a new proposal, a new formula for stabilizing real and fair prices (for oil) so that all the governments that signed the deal (on cutting oil output) could study and discuss it," Maduro said.

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Russia starts phased reduction of oil production

He also underlined the need to hold a meeting of 25 oil producing countries in Qatar in the first quarter of the year. Maduro said he will send a "special delegation" to these states "very soon."

On December 10, 2016 OPEC and non-OPEC countries signed an agreement on joint reduction of oil output at a meeting in Vienna. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of this year, and reduce production by another 558,000 barrels per day. Thus, the total crude oil output cut will amount to 1.7-1.8 mln barrels per day. Russia plans to cut its oil production by 300,000 barrels per day in the first half of this year.

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