ADVERTISEMENT

Venezuela 'optimistic' ahead of output cut talks

President Vladimir Putin said last week Russia was ready to "freeze production", but stopped short of promising a cut

Minister of Petroleum of Venezuela Eulogio Del Pino speaks during the 23rd World Energy Congress on October 11, 2016 in Istanbul

"I am optimistic" ahead of "this very important meeting", he said, quoted by the Algerian news agency APS, on his arrival in Algiers where he met his counterpart Noureddine Boutarfa.

The two ministers were to travel on to Moscow before Wednesday's meeting in Vienna on a mission to try to convince non-OPEC oil producer Russia to join in the output cuts.

"The aim is to meet with the Russian authorities and to share our strategy with them," del Pino said. "OPEC and non-OPEC countries must take action."

ADVERTISEMENT

Boutarfa said on a visit to Iran last weekend that OPEC was prepared to cut output by 1.1 million barrels per day (bpd) if non-members reduce by 600,000 bpd, Iranian media reported.

President Vladimir Putin said last week Russia was ready to "freeze production", but stopped short of promising a cut.

Russia, its finances hit by low oil prices and Western sanctions, is pumping some 11 million bpd, a level not seen since Soviet days.

For Venezuela, the collapse in oil prices over the past two years has compounded its economic and political crisis.

In September, the 14-member Organization of Petroleum Exporting Countries agreed at an informal Algiers meeting to cut output.

ADVERTISEMENT

Details of the deal and on how to distribute the cuts have been left for the formal meeting in Vienna.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

BREAKING: Delta monarch declared wanted by military surrenders to police

BREAKING: Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT