Iran, Libya, Nigeria to be exempt from OPEC deal to cut output, Venezuelan oil minister says
MOSCOW. Nov 30 (Interfax) - Iran, Libya and Nigeria will be exempt from an OPEC deal to cut oil production, whatever the agreement's final format, while it had been expected that Iran would reduce output, Venezuelan Oil Minister Elogio Del Pino told reporters ahead of OPEC's meeting behind closed doors.
Venezuela is prepared to lower its own output by 80,000-90,000 barrels per day, he said. The country was pumping 2.067 million barrels per day in October, according to OPEC data obtained from third parties.
Del Pino said he did not anticipate any difficulties reaching a consensus within OPEC.
He said both OPEC and non-OPEC countries ought to cut overall output by at least 1.5 million barrels per day, and preferably by 1.8 million-2 million barrels per day.
He stressed the importance of non-OPEC states participating in any deal to cut output. Asked whether Russia, a non-OPEC country, would be reducing output, he said: "All the signals are very positive."
