- Title: OPEC ready to reach "forceful" deal on cutting oil output, says Maduro
- Date: 16th November 2016
- Summary: CARACAS, VENEZUELA (NOVEMBER 16, 2016) (REUTERS) **** WARNING CONTAINS FLASH PHOTOGRAPHY **** EXTERIOR OF MIRAFLORES PRESIDENTIAL PALACE VENEZUELAN FLAG OPEC SECRETARY-GENERAL MOHAMMED BARKINDO ENTERING THE PALACE WITH VENEZUELAN FOREIGN MINISTER DELCY RODRIGUEZ VARIOUS OF BARKINDO SHAKING HANDS WITH VENEZUELAN PRESIDENT NICOLAS MADURO BARKINDO AND MADURO SITTING DOWN RODRIGUEZ IN MEETING GENERAL VIEW OF BARKINDO AND MADURO IN NEWS CONFERENCE OUTSIDE THE PALACE AFTER MEETING (SOUNDBITE) (Spanish) VENEZUELAN PRESIDENT NICOLAS MADURO SAYING: "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 stabilize the market and the recovery of oil prices to the level that guarantees the replacement of investments for the coming years." GENERAL VIEW OF BARKINDO AND MADURO TALKING TO THE MEDIA MADURO LISTENING (SOUNDBITE) (English with Spanish translation) OPEC SECRETARY-GENERAL, MOHAMMED BARKINDO, SAYING: "And it has affected not only producers but this time with consumers as well. (SPANISH TRANSLATION) Therefore the dialogue and consultations that have been ongoing is a must in order to bring this market into balance." GENERAL VIEW OF VENEZUELAN MUSIC GROUP PERFORMING FOR BARKINDO AND MADURO BARKINDO AND MADURO CLAPPING GENERAL VIEW OF GROUP PERFORMING VARIOUS OF BARKINDO AND MADURO SHAKING HANDS MADURO LEAVING
- Embargoed: 1st December 2016 23:23
- Keywords: Nicolas Maduro Mohammed Barkindo Organization of the Petroleum Exporting Countries
- Location: CARACAS, VENEZUELA
- City: CARACAS, VENEZUELA
- Country: Venezuela
- Topics: Government/Politics
- Reuters ID: LVA00158P4V9F
- Aspect Ratio: 16:9
- Story Text: OPEC countries are ready to reach a "forceful" agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday (November 16), following a meeting with OPEC Secretary-General Mohammed Barkindo in 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 stabilize 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 praised Maduro for leading the effort to stabilize markets, describing the situation as the most severe oil market crisis in 50 years. He is expected to visit more OPEC members in the next few days.
Russia on Wednesday said it was ready to support the Organization of the Petroleum Exporting Countries' decision on an oil output freeze.
OPEC agreed in Algeria on Sept. 28 to limit supply, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions.
The details are meant to be finalised when OPEC ministers meet in Vienna on Nov. 30.
Since oil prices collapsed in 2014, Venezuela has been among the most vocal in pushing both OPEC and non-OPEC countries to slash crude output.
Its calls were initially ignored by major energy players such as Saudi Arabia, but oil producers have shown increased interest in coordinating output amid continued weakness in crude markets.
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