OPEC ‘Very Close’ to Agreement to Stabilize Market, Maduro Says

  • ‘Definitive answer’ to market stability may come this month
  • Maduro held ‘positive discussions’ with fellow OPEC members

Nicolas Maduro

Photographer: Carlos Becerra/Bloomberg

OPEC members are close to reaching an agreement on how to stabilize the market, Venezuelan President Nicolas Maduro said after speaking to his counterparts from Iran and Ecuador.

Maduro held “positive discussions” with fellow members of the Organization of Petroleum Exporting Countries who attended the Summit of the Non-Aligned Movement, he said Sunday at a press conference following the event, 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. 

“We are close to an agreement between OPEC and non-OPEC countries to stabilize the market,” state oil company Petroleos de Venezuela SA wrote on Twitter, citing Maduro. A “definitive answer” for market stability could come this month, he said, according to PDVSA.

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.

News of the meeting has fanned speculation that producers may agree on an output cap to shore up prices that are languishing below $50 a barrel nearly two years into the largest market crash in a generation. If the ministers reach a consensus in Algeria, OPEC may call a special meeting, Secretary General Mohammed Barkindo said on Sunday, according to Algeria’s official news agency.

Brent crude, the global benchmark, was up 1.8 percent at $46.57 a barrel as of 11:22 a.m. Singapore time.