Venezuela: Oil Deal Will Push Up Prices by $10-$15 Per Barrel

A deal between OPEC and non-OPEC producer countries would push up oil prices by $10 to $15 per barrel, Venezuela's Oil Minister Eulogio Del Pino said.

OPEC and non-member producers including Russia are discussing a deal by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge.

A possible deal may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated. "These are decisive days," said Venezuela's Del Pino, a price hawk that has been pushing for a deal as its state-led economy reels under lower oil prices. 

"We think that if this deal is reached we could increase oil prices by between $10 and $15 dollars per barrel," added Del Pino, who is also the president of state oil company PDVSA, in an interview with Venezuela's Union Radio.

Russia and members of the Organization of the Petroleum Exporting Countries hold an informal meeting in Algiers on September 28.  "If we reach an agreement immediately we would call an extraordinary OPEC meeting, which could take place there because we would all be present," added Del Pino. 

Several producers have called for an output freeze to rein in a supply glut that triggered a price collapse in the last two years, hitting their income. Previous talks on an output freeze collapsed in April.

Source : QNA