"In the face of forecasts about the situation in Europe and the West, with the arrival of fall and winter, we could send a powerful message of stability and balance. And direct all appropriate actions to ensure that the price of oil is kept in a fair, necessary and balanced way at around $100 per barrel," Maduro said.
According to the Venezuelan leader, the current balance of supply, production, global supply and demand for oil says that oil should cost $100 per barrel. The alliance's actions, despite "the worst manifestations of Western irrationality," made it possible to avoid a jump in prices to $150 per barrel or more, he said.
OPEC+ has failed to ensure oil production growth necessary under the alliance's oil output cut deal in August, producing 3.4 million barrels per day less, the International Energy Agency (IEA) said in its fresh report on Wednesday.
According to the agency, in August, OPEC+ crude oil supply rose due to "a sharp recovery in Libya and smaller increases by Middle East producers as the alliance fully reversed record cuts enforced during the 2020 pandemic."
According to the agency, in August, OPEC+ crude oil supply rose due to "a sharp recovery in Libya and smaller increases by Middle East producers as the alliance fully reversed record cuts enforced during the 2020 pandemic."
Earlier this month, OPEC+ announced its decision to return to the oil production level of August and reduce the output by 100,000 bpd in October.