CARACAS, Oct 4 (Reuters) - Participation by non-OPEC countries in a deal to stabilize oil prices would mean a reduction of 1.2 million barrels per day from an oversupplied market, Venezuela’s Oil Minister Eulogio Del Pino said on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC) agreed last week to shave output. Non-OPEC oil-producing countries have been called on to participate.
“With the deal between OPEC countries, some 700,000 bpd are taken out of the market, and by adding non-OPEC it’s 1.2 million bpd,” Del Pino said in a televised broadcast.
Price hawk Venezuela, which is suffering a deep economic crisis worsened by the fall in oil prices, has said it expects non-OPEC countries, like Russia, to support efforts to boost oil prices by reducing crude output. (Reporting by Eyanir Chinea and Diego Ore; Editing by Cynthia Osterman)