The Venezuelan President said that the agreement by OPEC to stabilize the market

Президент Венесуэлы заявил, что соглашение ОПЕК стабилизирует рынок

OPEC reached an agreement to reduce oil production will stabilize the market, said Venezuelan President Nicolas Maduro.

OPEC reached an agreement to reduce oil production from January to 1.2 million barrels per day — up to 32.5 million barrels per day. However, the rebalancing of the market needs the support of countries outside the OPEC, said following the meeting, OPEC President, Minister of energy and industry of Qatar Mohammed bin Saleh al-Sada.

“I congratulate and thank our partners in OPEC for the importance of the agreement to which we come today, to stabilize the market, two years of effort to restore the market and to achieve a just, realistic and stable prices, thanks to the countries outside of OPEC,” wrote Maduro in his microblog on Twitter.

He stressed that in the coming days, will take a number of steps to strengthen this “new Alliance of the future, which benefits everyone”, not specifying what exactly it is.