“We are close to an agreement between OPEC and non-OPEC countries to stabilize the market”, Maduro said, according to Petroleos de Venezuela.
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“These concerns were backed up by comments from Venezuelan Oil Minister Eulogio Del Pino, who suggested that global production would need to be reduced by around 10 percent in order to fall back in line with consumption”.
U.S. West Texas Intermediate (WTI) crude futures were down 60 cents at $42.70 a barrel, also the lowest in almost six weeks.
While the USA drawdowns were bullish, they also contrast with surging production from OPEC and other major producers such as Russian Federation, causing crude prices to swing lately.
OPEC members could decide to hold an extraordinary meeting to discuss oil prices immediately after an informal gathering in Algiers next week, Algerian Energy Minister Noor al-Deen Bouterfa said on Tuesday.
The fighting in Libya forced the tanker Seadelta to suspend the loading of 781,000 bbl of oil for shipment to Italy, Nasser Delaab, petroleum operations inspector at Harouge Oil Operations, said by phone.
West Texas Intermediate, the US benchmark price, fell 1.6 percent below the previous close to start the day at $43.17 per barrel. WTI futures tested resistance in the $45.0 p/b area without being able to hold a brief move above this level.
In London, Brent North Sea oil for November delivery advanced to US$46.83 a barrel, up 95 cents from the close on Tuesday.
Oil prices climbed on Wednesday, supported by a reported draw in United States crude inventories and firm import data from Japan.
OPEC is holding a meeting next Wednesday in Algeria, but some officials have said no decisions would be taken as the meeting is an informal one.
OPEC members and Russian Federation are scheduled to meet on the sidelines of the International Energy Forum in Algeria from September 26 to 28.
Crude oil price could be aided by a plunge in the U.S. Dollar if the Bank of Japan misses with its new plan to stimulate the economy.
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Oil traders continued to weigh prospects that major oil producing nations will freeze output to support the market when they meet next week. Total U.S. crude oil inventories stood at 504,6 million barrels as of last week, which the EIA considered to be “historically high levels for this time of year”. Prices dropped 7 cents, or 0.2 percent, to $45.88 a barrel on Tuesday.
