19:58 GMT06 August 2020
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    Nicolas Maduro announced his tour to the oil-producing countries in order to finalize the formula aimed at oil price stabilization for the next decade.

    MEXICO (Sputnik) — Venezuelan President Nicolas Maduro announced his tour to the oil-producing countries in order to finalize the formula aimed at oil price stabilization for the next decade.

    "In the coming days I will visit some oil-producing countries to use the time until the end of the year, and to complete all the activities that we need to do in order to approve the agreed market stabilizing formula, [the formula] fixating the prices for the next 10 years," Maduro said.

    In November, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel from next year.

    On December 10, OPEC finished a meeting with non-OPEC countries in Vienna, at which non-OPEC countries decided to cut oil output by 558,000 barrels per day with Russia cutting the output by 300,000 barrels per day from January 2017.

    Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters. Prices have partially recovered and are currently at around $50-55 per barrel.

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    visit, oil price, OPEC, Nicolas Maduro, Venezuela
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