BAGHDAD, Venezuelan President Nicolas Maduro announced on Friday that he plans to submit a proposal to OPEC, which would cut production significantly.
"Venezuela will present a proposal at the OPEC meeting on December 6 to approve the oil agreement, and to ensure [production] to reduce the market balance and protect prices," the Venezuelan President said on state television.
Maduro added that the price drop of Venezuelan oil over the past 15 days by $ 18 a barrel was due to pressure on the oil market by the United States.
It is worth noting that the OPEC Ministerial Meeting is scheduled to take place from 6 to 7 of December in Vienna.
Source: National Iraqi News Agency