Minister for Hydrocarbons Paula Henao participated in the OPEC+ meetings to strengthen international oil cooperation through her attendance of the 66th Meeting of the Joint Ministerial Monitoring Committee, the 41st OPEC and Non-OPEC Ministerial Meeting, and the 193rd OPEC Ministerial Conference.
During the 41st OPEC+ Ministerial Meeting, the international oil organization emphasized the importance of «completing the assessment of the maximum capacity of sustainable production of all countries that subscribed the Declaration of Cooperation, signed on December 10, 2016.» This technical diagnose will serve as the basis for coordinating future production quotas.
The information was disseminated through the Ministry’s Instagram account, where is stated that the bloc’s capacities «will be used as a reference for the 2027 production baselines.» The mechanism seeks to guarantee the stability of crude oil prices in the long-term and optimize internal transparency.
Likewise, the participating countries unanimously agreed “to endorse the plan developed by the OPEC Secretariat to advance the objectives of the Cooperation Charter, signed on July 2, 2019.» With this institutional support are reaffirmed the strategic commitments assumed by the nation to balance the world’s energy offer.