Venezuela’s Oil Minister, Eulogio del Pino, has spoken to the Organizations of the Petroleum Exporting Countries (OPEC) Secretary-General, Mohammed Barkindo, ahead of a meeting between OPEC and non-OPEC producers seeking to conclude a crude production freeze deal in hope of boosting the global oil price, Reuters reported.
The Wall Street Journal informed that Venezuela, Ecuador, and Kuwait want to bring a production freeze to the table, saying that a deal could be reached as early as September at the International Energy Forum in Algeria.
Some experts are, however, predicting that this attempt will also fail, as OPEC’s key members, namely Saudi Arabia, Iraq, and Iran, continue to ramp up their production. Year-to-date through July, the three nations have increased exports by an average of 1.8mb/d of crude, wrote Seeking Alpha.
According to Oil Price, twice this year, OPEC has refused to reduce production rates for oil.
Meanwhile, OPEC production has experienced a record high crude output in July, despite disruption in production due to unrest in Nigeria and Libya. Yet, this drop in output is not expected to impact global oil prices to the degree that Venezuela is hoping for.