Venezuela and Kuwait reviewed global oil situation

Hace 5 meses.

The Minister of People’s Power of Petroleum of the Bolivarian Republic of Venezuela, Eulogio Del Pino, and the Minister for Petroleum, Electricity and Water of the State of Kuwait, Issam A. Almarzooq, held a work meeting in Kuwait this Wednesday in order to assess the situation of hydrocarbons worldwide.

The officials discussed the evolution of the world oil market and the importance of continuing efforts in the voluntary production adjustments undertaken by the Bolivarian Republic of Venezuela and the State of Kuwait together with the other participants in the Vienna Declaration of Cooperation signed on December 10, 2016.

Del Pino and Almarzooq underscored the importance of gradual rebalancing of oil supply and demand, as well as the reduction of inventories, which would ultimately lead to a greater stability of the oil market.

Senior officials reviewed levels of production adjustment and stressed the importance of participating countries to achieve and maintain full compliance to further accelerate the rebalancing of the oil market.

The Bolivarian Republic of Venezuela and Kuwait also agreed on the need to leave all options open with regard to voluntary rebalancing efforts.

Ministers underscored the key role of the forthcoming meeting of the Joint Ministerial Committee for the follow-up to the OPEC Declaration of Cooperation to be held in Vienna, Austria, on September 22, where will be considered different proposals and strategies at upcoming meetings of OPEC producers.

Del Pino, in a press conference after his meeting with his Kuwaiti counterpart, rejected the unilateral attacks on the oil and financial activities of which are victims some OPEC countries, including Venezuela, by the imperialism.