Oil producers ‘close to output cap deal’

Venezuelan President Nicolas Maduro was quoted on Saturday as saying that OPEC and non-OPEC nations were "very close" to an agreement on oil production curbs, Azerbaijan's state news agency Azertag reported.
"Today with (Azeri) President Ilham Aliyev we talked about reaching agreements between OPEC and countries that are not members of the cartel. We are very close to reaching agreements and signing a relevant deal," Azertag quoted Maduro as saying in Baku, Azerbaijan's capital city.
"I believe that the relevant agreement will be reached within a very short time and we will announce it. This will pave the way for a new era of stability and investments, stable output and new oil price formula," he said.
Maduro is visiting Azerbaijan as part of an international trip that also includes visits to Saudi Arabia, Iran, and Qatar and is aimed at pushing a deal to stabilize oil markets. 
The Organization of the Petroleum Exporting Countries (OPEC) agreed in Algiers on Sept. 28 to reduce production to a range of 32.5 million to 33.0 million barrels per day, which would be its first output cut since 2008. Another meeting on Nov. 30 is set to firm up details of the accord.
Azertag also quoted Aliyev as saying Azerbaijan would not increase oil production and exports, reinforcing the statement he made last week. 
Oil settled up on Friday on hopes Russia and OPEC will reach agreement on market support initiatives to keep crude above $50 a barrel, although traders cautioned about pressure from a double-digit rise in the US oil rig count.
Brent settled up 40 cents, or 0.8 percent, at $51.78. For the week, it ended flat.
US West Texas Intermediate crude settled up 22 cents, or 0.4 percent, at $50.85 a barrel. WTI hit a July 2015 high of $51.93 on Wednesday and ended the week 1 percent higher.

Source: Arab News