MEXICO CITY (Pakistan Point News / Sputnik - 08th December, 2018) The new OPEC-non-OPEC deal on oil production curtailment, which was struck in Vienna on Friday, will help ensure fair and stable oil prices, Venezuelan President Nicolas Maduro said.
The OPEC states and non-cartel members have agreed to reduce overall oil production by 1.2 million barrels per day starting from the next year, with a view to signing the charter on future long-term cooperation in the first quarter of 2019. However, Venezuela, alongside Iran and Libya, have received exemptions from the new deal.
"This will allow stabilizing the prices on the fair level for producers, consumers and economy as a whole ... I would like to thank Russia, via President Vladimir Putin, Saudi Arabia and all our OPEC and non-OPEC partners," Maduro said in a video address after his return to Caracas from Moscow.
The video was published on Maduro's Twitter on Friday.
Maduro visited Moscow on Wednesday. During his visit, the Venezuelan president discussed bilateral relations with Putin.
