Venezuelan President Nicolas Maduro said on Sept. 18 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 Sept. 18.
Maduro, an oil price hawk who was speaking at the end of a summit of the Non-Aligned Movement on Margarita Island, Venezuela, where diplomats also met to discuss the oil market, said a deal was imminent.
"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 has been seeking an oil deal for years as its state-led economy reels under low oil prices, and has often said it was close to reaching an agreement.
OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26-28. Non-OPEC producer Russia is also attending the forum.
OPEC will probably revive talks on freezing oil production levels when it meets non-OPEC nations in Algeria, sources have told Reuters.
Recommended Reading
Global Oil Demand to Grow by 1.9 MMbbl/d in 2024, Says Wood Mac
2024-02-29 - Oil prices have found support this year from rising geopolitical tensions including attacks by the Iran-aligned Houthi group on Red Sea shipping.
Oil Dips as Demand Outlook Remains Uncertain
2024-02-20 - Oil prices fell on Feb. 20 with an uncertain outlook for global demand knocking value off crude futures contracts.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
Hedge Funds Retreat from Oil as War Risk Fades: Kemp
2024-04-29 - Hedge funds and other money managers sold the equivalent of 95 MMbbl in the six most important petroleum futures and options contracts over the seven days ending on April 23.