OPEC Output Freeze Deal May Increase Oil Price by $10-15 - Venezuelan Minister

If a recent decision by the Organization of the Petroleum Exporting Countries (OPEC) to freeze oil output would be confirmed at the upcoming meeting in November, it may increase the prices by $10-15 per barrel, Venezuelan Oil Minister Eulogio Del Pino said.

MEXICO CITY (Sputnik) — Last week, OPEC member states agreed to freeze daily oil output at 32.5-33 million barrels per day for the whole cartel in an attempt to stabilize falling oil prices. The final decision must be taken on November 30 in Vienna.

"We hope this will stabilize prices in a range between $10-15 dollars per barrel above the price level that we had on average in September," Del Pino said, as quoted on the Oil Ministry official website.

Russia is due to hold consultations with OPEC on ways to stabilize the volatile oil market in the coming months.

Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices have partially recovered and are currently fluctuating between $45 and $50 per barrel.