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Venezuelan President expects positive results from OPEC+ meeting on April 9

Nicolas Maduro said that he is optimistic about reaching agreements that will return stability to the oil market and fair prices

President of Venezuela Nicolas Maduro Mikhail Metzel/TASS

President of Venezuela Nicolas Maduro

© Mikhail Metzel/TASS

BUENOS AIRES, April 8. / TASS /. OPEC + countries may reach an agreement to stabilize the oil market following the meeting, which will be held April 9 in a video conference format, said President of Venezuela, Nicolas Maduro on Tuesday.

Maduro said that he is optimistic about the upcoming video conference and reaching agreements that will return stability to the oil market and fair prices, during his speech on Venezolana de Television, a state-run television station.

According to Maduro, the countries are currently considering "good proposals." He added that when he communicated with both OPEC and non-OPEC partners, he insisted that everyone should be flexible, listen to each other and move forward.

The OPEC+ agreement on crude production cuts expired on March 31, 2020. Russia and Saudi Arabia failed to come an agreement on the terms of its extension after March, which triggered an increase in production in OPEC states. Concurrently, the demand posted an unprecedented plunge due to the coronavirus pandemic. Those factors combined pushed the oil price down to $22 per barrel for the first time in two decades. By the end of March, the partners had decided to resume consultations and involve other producers from G20 counties in joint efforts.

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