The president of Venezuela suggested to hold the summit of oil-producing countries

The president of Venezuela Nicolás Maduro during the blitz-visit to Russia, Turkey and Belarus suggested to hold the summit of the states which are entering and not entering into the Organization of exporting countries of oil (OPEC). He reported about it on Sunday on air of Venezolana de Televisión TV channel.

According to the head of state, such forum would become the platform for discussion and fixing of a new formula of determination of oil prices.

"We started one formula, this preliminary offer, and we hope to enhance it in the next weeks and months, to receive offers, to listen who agrees and who is not", - TASS quotes Maduro. He noted that after October 4 he met at least 24 ministers of the oil and gas countries who showed interest in his offer.

The bargain on reducing production concluded by the countries of OPEC+ at the end of 2016 works until the end of March, 2018. According to the arrangement, participants of the pact should reduce production by 1,8 million barrels a day in relation to the level of October, 2016.

Now the question of prolongation of the agreement remains main in the agenda of OPEC+, the decision will be made at a November meeting in Vienna. So far prolongation is supported by Saudi Arabia, Kuwait, Venezuela and Angola.

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