Russia, Venezuela energy ministers discuss OPEC oil output freeze deal

Energy ministers of Russia and Venezuela, Alexander Novak and Eulogio del Pino, respectively, recently met during the latter’s visit to Moscow, Russia to discuss the oil output freeze agreement between members of the Organization of the Petroleum Exporting Countries (OPEC).

“The sides discussed the issue of participation of the OPEC states and independent oil-producing countries in the agreement on oil output freeze, various versions of which are being elaborated at the moment,” Russia’s energy ministry said in a statement.

According to Venezuelan President Nicolas Maduro, the objective of del Pino’s visit to Moscow is to work out the details of the oil production deal between OPEC and non-OPEC countries.

On September 28, OPEC member states reached an agreement on the sidelines of an international energy forum in Algeria to set a production ceiling of 32.5-33 million barrels per day (bpd). OPEC also decided to establish a technical committee to identify the production volume of individual member countries.

The agreement on the oil output freeze is set to be finalized at the OPEC summit in Vienna on November 30. Other oil producing states, who are not members of OPEC, including Russia, are also expected to uphold the agreement, in an effort to stabilize the oil market.