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Russian, Venezuelan Ministers Discuss Oil Output Freeze Deal – Energy Ministry

© REUTERS / Sergei KarpukhinA worker at an oil field owned by Bashneft, Bashkortostan, Russia
A worker at an oil field owned by Bashneft, Bashkortostan, Russia - Sputnik International
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According to the ministry, Alexander Novak held a meeting on Tuesday with his Venezuelan counterpart Eulogio del Pino, during which they discussed OPEC agreement on oil output freeze.

Eulogio del Pino - Sputnik International
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MOSCOW (Sputnik) Russian Energy Minister Alexander Novak held a meeting on Tuesday with his Venezuelan counterpart Eulogio del Pino, during which they discussed OPEC agreement on oil output freeze, the Russian Energy Ministry said.

"The sides discussed the issue of participation of the OPEC states and independent oil-producing countries in the agreement on oil output freeze, various versions of which are being elaborated at the moment," the ministry said in a statement.

Venezuelan President Nicolas Maduro has said earlier that his minister's visit to Moscow aimed to work out the details of the oil production deal between OPEC and non-OPEC countries.

On September 28, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement on the sidelines of an international energy forum in Algeria to set a production ceiling of 32.5-33 million barrels per day. OPEC also decided to establish a technical committee to identify the production volume of individual member countries.

The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30. Other oil producing states, who are not members of OPEC, including Russia, are also expected to uphold the agreement, aimed at stabilizing the oil market.

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