OPEC wants oil price to be moderate

Moscow - OPEC is aiming for a moderate but

not too high oil price, Venezuelan Oil Minister Eulogio Del Pino

told Russia's TASS news agency in Caracas.

"Our aim is to reach a balanced level matching the interests

of producers and consumers. We don't want a price that's too

high or too low," he was quoted as saying.

Del Pino added that he expected oil prices to stabilise at

around $60-70 per barrel following a global oil pact reached

last week. The Organization of the Petroleum Exporting Countries

and non-OPEC nations are due to meet in Vienna on Dec. 10 to

sign a memorandum on terms of the agreement.

Del Pino told TASS he expected the market to rebalance in

six to nine months following the deal, adding that Russia had

played a "fundamental" role in reaching the agreement on Nov. 30

in the Austrian capital.

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Non-OPEC countries are expected to contribute a reduction of

600 000 barrels per day as part of the wider agreement, of which

Russia should account for half.

Russian Energy Minister Alexander Novak is meeting Russian

oil companies on Wednesday to finalise the terms of the cut

before his visit to Vienna.

Del Pino said Venezuela is proposing to include Russia and

Oman in a commission that would monitor the implementation of

the agreement, in addition to OPEC members Kuwait, Algeria and

Venezuela.

REUTERS