OPEC countries to reach agreement on cutting oil output

November 17, 2016 04:52

CARACAS - OPEC countries are ready to reach a "forceful" agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with OPEC Secretary-General Mohammed Barkindo in Caracas.

"There is sufficient will among OPEC countries to take the step we need to take in the month of November, (to reach) a forceful agreement to reduce production and construct new mechanisms to stabilize the market," Maduro said in a televised broadcast from the presidential palace.He said the agreement should "guarantee a realistic and balanced price for those countries that have (oil reserves)."

Barkindo praised Maduro for leading the effort to stabilize markets, describing the situation as the most severe oil market crisis in 50 years. He is scheduled to meet with Ecuadorean President Rafael Correa on Thursday morning, the Ecuadorean president's office said on Wednesday.

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