FX.co ★ Venezuela to make new proposal to boost oil prices

President of Venezuela Nicolas Maduro stated that the country “will circulate a letter with a new proposal” for crude-producing countries in order to support oil prices.

On November 30, 2016 OPEC reached an agreement to curb crude production by 1.2 million barrels a day to 32.5 billion barrels a day in the first half of 2017. OPEC non-member countries, such as Russia, Oman, and Mexico, also agreed to trim output by 558,000 barrels a day.

Maduro reiterated that leaders of the OPEC member states are to hold a meeting in the first quarter of 2017 in Qatar. The crude market strategy will be discussed and developed during the summit.

Crude production in Venezuela makes up over 90 percent of the country’s exports revenues. That it is why the country, which is currently suffering from recession, presses for higher oil prices.