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President Nicolas Maduro welcomed the OPEC agreement to freeze oil production.
Following, the communiqué:
BOLIVARIAN REPUBLIC OF VENEZUELA
MINISTRY OF PEOPLE’S POWER FOR
The President of the Bolivarian Republic of Venezuela, Nicolas Maduro Moros, greets and welcomes the historic OPEC agreement reached yesterday at the extraordinary meeting in the city of Algiers, which comprises the freezing of production of its member countries.
This consensus includes the production ceiling in a range of between 32.5 and 33 million barrels per day, and the appointment of a high-level technical committee for internal distribution of quotas by country. It is the first volume agreement reached by OPEC since 2008.
The Algeria agreement reflects the tireless efforts deployed by Venezuela during nearly two years in search of a consensus in order to stabilize the oil market and reduce the negative effects of financial speculation and future markets in hydrocarbon production and revitalizes the role of OPEC in the balance of economic and geopolitical forces involved in the global economy.
In the historic Summit of the Non-Aligned Countries Movement, held on Margarita island, were consolidated the Government’s positions in order to advance the consensus proposed by Venezuela since January 2015.
The Bolivarian Republic of Venezuela, in harmony with the unitary policy sown by Commander Chavez within the bosom of OPEC, ratifies its commitment to the member countries of this organization and celebrates with its peers the consensus reached with this historic agreement, as well as itss conviction in the new alliance of large producers that looms with this important agreement.
Caracas, September 29, 2016