Venezuelan minister: OPEC will discuss the freeze with non-members next week

   277

OPEC states are going to meet with non-member Russia next week to discuss whether the country will join the output reduction deal, Bloomberg informs referring to Venezuela’s oil minister Eulogio Del Pino.

In a government statement published Wednesday, Del Pino mentioned that ministers from Saudi Arabia, Algeria, Gabon, Qatar and the United Arab Emirates will meet with their Russian colleague Alexander Novak in Istanbul next week. The negotiations will be held on the sidelines of the 23rd World Energy Congress that is to take place in Turkey October 9-13. Venezuelan minister presumes that if an agreement between OPEC and Russia is reached, global supply may be cut by 1.2 million barrels per day which may add up to $15 a barrel to crude oil prices.

The Organization of Petroleum Exporting Countries is now in the process of ironing out the details of the agreement, reached in Algiers at the end of September when the members decided to reduce production. Now the oil producing countries are to decide on individual quotas for each member to reach the target reduction to the level of 32.5 million to 33 million barrels per day.