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    Venezuelan President Nicolas Maduro

    Maduro: Oil Price Stabilization Formula for Next Decade to Be Set in 2017

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    The formula aimed at oil price stabilization in the next decade will be developed in the first half of 2017, Venezuelan President Nicolas Maduro said.

    Venezuela’s President Nicolas Maduro
    © AP Photo/ Ariana Cubillos
    Maduro Puts Responsibility for Venezuela's Currency Drop on US
    MEXICO (Sputnik) — Venezuelan President Nicolas Maduro said Thursday that the formula aimed at oil price stabilization in the next decade would be developed in the first half of 2017.

    "We have developed what I call an additional formula so that in the first half of 2017, OPEC and non-OPEC countries would have worked on this formula, which would allow to stabilize the oil market for the next 10 years, I dare to dream for the next 20 years," Maduro said.

    On Wednesday, OPEC agreed to impose an oil production ceiling totalling 32.5 million barrels per day in an effort to stabilize the global oil market. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.

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    oil prices, Nicolas Maduro, Venezuela
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