May 16, 2017 / 3:54 PM / 2 years ago

Venezuela supports extension of OPEC, non-OPEC production cut

CARACAS (Reuters) - Venezuela on Tuesday said it supported a nine-month extension of an agreement between OPEC and non-OPEC countries to limit crude production, hoping to achieve a “stabilization” of the oil market.

The crisis-hit OPEC nation, which relies on oil for some 94 percent of its export revenue, has long fought for “fair” oil prices.

“Venezuela believes that the agreement between OPEC and non-OPEC countries, which including the 24 largest oil producers in the world, has been successful in helping crude oil prices recover,” the oil ministry said in a statement.

The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension, in a bid to shore up prices.

Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday on the need to extend output cuts for nine months until March 2018 to erode a glut.

Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation.

Writing by Girish Gupta; Editing by Marguerita Choy

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