Venezuelan Oil Minister Hopes World to Reach Crude Output Freeze Deal

Venezuelan Oil Minister Eulogio del Pino expressed hope Monday that the Organization of the Petroleum Exporting Countries (OPEC) member states and non-cartel oil producers would be able to reach an agreement on crude output freeze.

ALGIERS (Sputnik) — The informal meeting of 12 OPEC member states and possibly non-OPEC oil producers, like Russia, is expected to set out plans to reverse the drop in global oil prices amid ongoing overproduction.

According to Nigerian Oil Minister Emmanuel Ibe Kachikwu, the meeting is expected to be held on September 28.

"We hope that we have an agreement we hope that we can find it" del Pino told reporters.