Venezuela proposes non-OPEC to remove 400K-500K bpd of oil from the market - RTRS

Venezuelan Oil Minister Eulogio del Pino was on the wires last minutes, saying that they proposed non-OPEC countries to remove between 400,000 - 500,000 bdp of oil from the market and he adds that they have to reach an agreement by November 30th OPEC meeting.

More headlines (via Reuters):

• Says cycle of low prices may happen again in winter if no action is taken
• President Maduro's visit to middle east shows we are committed to action at political level
• We are in constant communication so that we will not fail to take action
• Question is how to distribute oil output cuts from OPEC and non-OPEC countries
• We have invited Russia, Kazakhstan, Norway, Canada and others to take part in technical meetings in end-October
• We have to have an agreement by Nov. 30 OPEC meeting
• Says sees oil output freeze deal lasting for six months at least
• Says Iraq should be part of output limits, we discuss it
• Says discussed alliance between Rosneft and PDVSA with Sechin today
• We have capability to blend Russia's and Venezuela's oil for global marketing
• Says discussed with Sechin supply of heavy oil from Venezuela to Rosneft's Indian plant
• Says will discuss with China's CNPC its strategic alliance
• The offer was discussed with Russia's Novak today
• We will discuss it in Vienna this weekend
• Venezuela's President Maduro sent letter to Russia's President Putin with the proposal on oil market stabilisation
• Two ministers from OPEC and two ministers from non-OPEC will monitor the freeze deal, this was established in Doha