OREANDA-NEWS. December 02, 2016. Venezuela is drafting a complementary proposal for review at a 9 December meeting of Opec and non-Opec producers that will stabilize global oil prices for the next 20 years, President Nicolas Maduro said today on state-owned television.

Opec's agreement yesterday to cut output by 1.2mn b/d to 32.5mn b/d for six months starting in January 2017 "is a well-elaborated agreement that signals a new stage of stability of fair, rational and realistic prices for the development of the oil industry," Maduro said.

Venezuela sees the new agreement as only a first step in building a permanent consensus among Opec and non-Opec countries to control their crude production, Maduro indicated.

"We have drawn up what I consider a complementary formula that during the first half of 2017 Opec and non-Opec countries should work on a formula to stabilize the oil market for the next 20 years," Maduro said, without detailing the proposal.

Caracas will continue to encourage Opec and non-Opec producers to cooperate on production with the goal of stabilizing prices in a range of up to \\$70/bl in 2017 if all producer countries comply with the output cuts agreed yesterday, the energy ministry said.