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The announcement was made from Astana, Kazakhstan by the Minister of People’s Power for Oil, Eulogio del Pino, who detailed that the proposal, under study, will be presented to the Organization of Petroleum Exporting Countries (OPEC) for the evaluation of the new phase of the oil cut-off agreement to pass from a ministerial to the Presidential level.
Del Pino, after holding a meeting with the United Arab Emirates minister Suhail Mohammed Al Mazrouei, on Saturday, with whom he reviewed the agreements on oil matters, reported that at the upcoming meeting of the OPEC Monitoring Committee, scheduled for next September 22 in Vienna, Austria, will evaluate a set of agreements that have undergone changes between 2016 and 2017, as well as the incorporation of countries that were excluded last year but have exceeded the estimated production levels.
As part of the debate agenda, they will evaluate the actions to be taken to control the performance of non-conventional oil producers, who introduced a considerable amount of production on the market that not only affected the environment but also unbalanced the market politicians. “They need to be evaluated to consider their ability to impact the market, they have a destabilizing role to be controlled.”
The head of the Venezuelan oil portfolio commented that the countries that signed the oil production cut-off agreement in December 2016, which are not members of OPEC, are still in the process of being considered, whose participation is key to the recovery of crude oil prices. “Those countries that signed the agreement represent 52 million barrels, more than 50% of world production (…)”