TheCable

President Nicolas Maduro of Venezuela says the Organisation of Petroleum Exporting Countries (OPEC)  is ready to reach a “forceful” agreement on cutting oil output.

Maduro disclosed this  after meeting with Mohammed Barkindo, OPEC secretary-general  in the Venezuelan capital, Caracas.

“There is sufficient will among OPEC countries to take the step we need to take in the month of November, [to reach] a forceful agreement to reduce production and construct new mechanisms to stabilise the market,” Maduro said in a televised broadcast from the presidential palace.

He said the agreement should “guarantee a realistic and balanced price for those countries that have [oil reserves].”

Barkindo, on the other hand, appreciated Maduro for his commitment towards the stabilisation of the oil market.

Barkindo restated his commitment to providing the necessary leadership needed across OPEC members at “such challenging times” in the global economy.

“The need to accelerate the drawdown of the stock overhang and bring the market rebalancing forward were at the heart of the landmark ‘Algiers Accord’ taken by OPEC at the 170^th (Extraordinary) meeting of the OPEC conference at the end of September,” Barkindo said.

“Let me stress that OPEC member countries remain fully committed to implementing the ‘Algiers Accord’.  Our consultations will continue in the coming weeks, and this includes with non-OPEC nations.  It is essential that all producers, both OPEC and non-OPEC, take coordinated action to help return sustainable stability to the market.

“This is not only vital for the short-term, but the long-term too, as our industry looks to fund investment in new exploration and production, arrest decline rates in existing fields, expand midstream and downstream capacity, and hire, train and support the people that will continue to drive this industry forward in the years ahead.”