Venezuela Says OPEC, Non-OPEC Oil Stabilizing Deal Close

Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to reaching a deal to stabilize oil markets and that he aimed for a deal to be announced this month.

OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria, the country’s state news agency, APS, reported on Sunday.
Maduro, an oil price hawk held “positive discussions” with fellow members of the Organization of Petroleum Exporting Countries who attended the Summit of the Non-Aligned Movement, in which 15 heads of state gathered in the South American country.

Maduro said he spoke with Ecuadorian President Rafael Correa and Iranian President Hassan Rouhani at the summit and that he hopes an accord can be reached by the end of the month.
Maduro said an agreement could be announced this month.
“We had a long bilateral meeting with Rouhani. We’re close to a deal between OPEC producer countries and non-OPEC,” Maduro told a news conference.

Iranian President Hassan Rouhani, who attended the summit, said Tehran supported any move to stabilize the global oil market and lift prices, according to the Iranian Oil Ministry news agency, SHANA.

Venezuela, which has often said a deal is close, is desperate as its state-led economy has been badly hit by low oil prices caused by more supply than demand.

Ministers from all 14 member nations of OPEC, as well as the energy minister of Russia plan to have informal discussions about the oil market in Algiers on Sept. 27 on the sidelines of the International Energy Forum.

The Organization of the Petroleum Exporting Countries and Russia are due to hold an informal gathering in Algeria at the end of September to talk about freezing oil production levels.