Venezuelan President Nicolas Maduro wants to take US to the next meeting of the Organization of countries-exporters of oil (OPEC) and to expand the cartel, turning it into the new oil Alliance. On Monday, October 24, according to Bloomberg.
According to Maduro, the Alliance should include OPEC countries and States that are not participating in the organization. In addition, it can join “the most important oil companies in the world”.
“It was proposed to invite representatives of the U.S. government at the next meeting of OPEC, and I agree with him. The United States is a large oil producer, they cannot be isolated from it”, — quotes Agency the words of the head of state.
He also said that the United States cannot be left under the influence “analysts, war mongers and anti-Russian forces”.
On 23 October, the Minister of energy of Saudi Arabia Khalid al-falih spoke about the intention of the Kingdom to stabilize the oil market. He noted that Moscow and Riyadh can work out a joint position, which will become a reassuring signal for the oil market.
OPEC agreed to freeze oil prices on September 28. Cartel members set the production ceiling at the level of 32.5 million barrels a day. The final agreement should be signed at the meeting in November.
Venezuela suffered seriously from the decline in oil prices. According to IMF forecasts, inflation there at the end of 2017 will reach 1640 percent, and this year will reach 480 percent. In addition, the country began a hunger and scarcity of commodities.
