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Venezuela's Maduro sees progress after Algeria oil talks
September 11, 2017 / 4:54 PM / 3 months ago

Venezuela's Maduro sees progress after Algeria oil talks

ALGIERS (Reuters) - Venezuela’s President Nicolas Maduro on Monday held energy talks with Algerian officials saying there had been a “good atmosphere” between the two OPEC nations and advances on how to restore global crude prices, but gave no details.

Venezuela's President Nicolas Maduro speaks during a meeting with ministers in La Guaira, Venezuela September 8, 2017. Miraflores Palace/Handout via REUTERS

Maduro was in Algiers to discuss bilateral cooperation, including talks on the 15-month production pact between OPEC and non-OPEC producers including Russia. The deal aims to curb a glut that has weighed on crude prices for more than three years.

“We are progressing in agreements on recovering the governance of the oil markets and...restoring oil prices,” Maduro said in comments to journalists in Algiers carried on Venezuela’s ABN state agency.

Algeria’s state-run APS news agency quoted Maduro saying there had been a “good atmosphere in that sense” in talks over the OPEC, non-OPEC accord, though he gave no further details.

Markets are focused on a possible extension of the deal agreed late last year to reduce output by about 1.8 million bpd until March 2018 helped to keep prices high. Prices have dipped as global stocks have not fallen as quickly as expected.

Saudi Arabia’s Energy Minister Khalid al-Falih met his Venezuelan and Kazakh counterparts at the weekend to discuss an extension of the deal by at least three months, the Saudi energy ministry said.

Reporting by Patrick Markey; editing by Susan Thomas

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