Algeria and Venezuela, as members of the Organization of Petroleum Exporting Countries (OPEC), are coordinating efforts to bring back balance to the global oil market, visiting Venezuelan Foreign Minister Delcy Eloina Rodriguez Gomez said in Algiers on Saturday.

"We are maintaining our coordination to re-balance the market and obtain fair and sustainable prices, which take into account the interests of the producing countries and the overall functioning of the world economy," the Venezuelan foreign minister told reporters upon her arrival at the International Airport of Algiers.

The OPEC and non-OPEC members agreed later last year to cut output by 1.5 million barrels per day for six months as by Jan. 1, 2017, in a bid to bring back balance to the market.

"I came with very good news, as the OPEC members are perfectly implementing the historic agreement one month only after its entry into force," she said.

The Algerian Foreign Ministry said in a statement that this visit is an opportunity to continue dialogue in a bid to strengthen coordination between the OPEC members following their historical agreement in Algiers.

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