Venezuelan President Nicolas Maduro said he would soon embark on a tour of oil-producing nations to support the Organization of the Petroleum Exporting Countries’ recent agreement to shore up prices with an output cut.

“We reached an historic accord,” Maduro said late on Sunday. “In the next few days, I will go to the oil nations and leave everything ready for a consensus formula for market stability and the fixing of prices for the next 10 years.”

Maduro, whose nation is a price hawk and has been one of the worst affected by the fall in crude revenue since mid-2014, gave no further details of his agenda or plans.

OPEC, of which Venezuela is a member, last month finalized a plan to cut output by about 1.20 million barrels per day from Jan. 1 to 32.50 million bpd.

Source: www.reuters.com