October 25, 2016 / 3:02 PM / a year ago

Venezuela proposes removing up to 0.5 mln bpd of non-OPEC oil from market

MOSCOW, Oct 25 (Reuters) - Venezuelan Oil Minister Eulogio Del Pino said on Tuesday his country had proposed that non-OPEC countries remove 400,000-500,000 of barrels of crude oil per day (bpd) from the market.

Del Pino said he had discussed the idea with Russian Energy Minister Alexander Novak on Tuesday and that any potential oil freeze or output reduction deal between OPEC and non-OPEC members needed to be reached by an OPEC meeting scheduled for Nov. 30. (Reporting by Vladimir Soldatkin; Writing by Denis Pinchuk; Editing by Polina Devitt/Andrew Osborn)

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