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Venezuelan president expects new oil producers’ alliance will be set up

The president also expressed hope that on October 12 the oil-producing countries will strike a deal to limit oil output

ISTANBUL, October 10. /TASS/. President of Venezuela Nicholas Maduro expects that at the oil-exporting countries’ meeting in Istanbul a new alliance of the oil producers will be established. Maduro made this statement at the World Energy Congress in Istanbul.

"We hope that we will succeed in founding another alliance of oil-producing countries," he said speaking about the goals of the oil exporters’ meeting scheduled for October 12 in Istanbul.

Maduro also hoped that at the upcoming meeting the oil-producing countries would strike a deal to limit output. "We hope that on Wednesday (October 12) the energy ministers will come to an agreement at the meeting (on joint actions in the oil market)," he noted.

As reported earlier, consultations on freezing oil output between the Organization of the Petroleum Exporting Countries (OPEC) member states and non-member states will be held on October 12, on the sidelines of the World Energy Congress in Istanbul.

According to Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid bin Abdulaziz Al-Faleh, apart from the OPEC member states, Russia, Azerbaijan and Brazil will also take part in the meeting.

On September 28, at an informal meeting on the sidelines of the International Energy Forum in Algeria, OPEC member states agreed to limit output to 32.5 million to 33 million barrels a day, despite the skepticism shown by the participants ahead of the meeting.