File picture: Sergei Karpukhin/Reuters File picture: Sergei Karpukhin/Reuters
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.
Read also: OPEC begins debate on oil cuts
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.