Riyadh – Venezuela confirmed that the upcoming OPEC meeting will pave the way for a new step in the oil market.

Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC are expected to agree on freezing or decreasing oil production to rebalance the prices during the coming stage.

Joseba Achutegui, Venezuelan Ambassador to Saudi Arabia, told Asharq Al-Awsat newspaper that Saudi Arabia is not only a partner OPEC state, but also a close friend to his country.

He added that President Nicolas Maduro visited Saudi Arabia for its status at OPEC and being the world’s first oil exporter. The ambassador added that the President discussed with the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz means to promote relations, reviewed areas of bilateral cooperation, and the latest developments including cooperation for the stability of oil market.

The ambassador also mentioned that during his meeting with the King, President Madura expressed his ideas about the agreement reached in Algiers, as well as the upcoming meeting of the tech committee of OPEC and non-OPEC countries.

Achutegui confirmed that Saudi-Venezuelan relations are at its best since diplomatic relations has been established between the two countries. He added that during the past months, many ministerial visits have been exchanged and the two countries signed a tax agreement.

The ambassador related the previous visits of President Maduro to Saudi Arabia in 2015, to pay his respects following the death of King Abdullah bin Abdul Aziz, and to attend the Summit of South America-Arab Countries.

Achutegui explained that Venezuela tried over the past 22 months to achieve a unified opinion about reinstating market stability and joining interests of both OPEC and non-OPEC oil countries.

The Venezuelan ambassador reiterated that his country is optimistic and confident that the initiative will have fruitful agreement which will create a new cycle of market and reasonable prices stability. He also referred to President Maduro’s saying that this will benefit both the countries that produce and export oil, as well as the market and thus lead to the resumption of investments.

Ambassador Achutegui expressed his country’s relief to the statement of Saudi Minister Khalid al-Falih in London last week.

Minister of Energy, Industry and Mineral Resources al-Falih said that the current down cycle is nearing an end.

The ambassador concluded that Falih confirmed what Venezuelan government said before about decreasing production. He also added that by freezing or decreasing oil production, OPEC sends a message to the market saying it encourages investments.