According to the agreement of reduction of the production reached between member and non member nations of the Organization of the Petroleum Exporting Countries (OPEC) according to which the Bolivarian Republic of Venezuela must implement a cut of 95,000 barrels per day, Petróleos de Venezuela, SA (PDVSA) announces the implementation of the aforementioned measure, according to the instruction received by its organ of ascription, the Ministry of People’s Power for Petroleum.
To this effect and without prejudice to its international contractual obligations, PDVSA and / or its subsidiaries will implement a decrease in the volumes of the main contracts of crude oil sales, as of January 1, 2017, in accordance with the terms and conditions existing in their existing contracts.
As it is of the public knowledge, the Bolivarian Republic of Venezuela, together with the other members of OPEC, at a meeting held on November 30, 2016 in Vienna, Austria, decided to adjust production to 32.5 million barrels per day, starting on January 1, 2017.
PDVSA, in compliance with the commitments made by the Bolivarian Republic of Venezuela, reiterates its commitment to comply with the decisions reached by it and contribute to the stability benefit of the world oil industry.
AHORA:
