Eulogio Del Pino, minister of People’s Power for Oil, informed he is in Vienna, partaking in the 5th meeting of the Joint Ministerial Committee for Monitoring, in order to evaluate and promote the extension of the historical agreement of reducing oil production.
Del Pino said that the meeting is attended by the Monitoring Committee, which is responsible for evaluating the agreement signed in late 2016, in which the 14 members of the Organization of Petroleum Exporting Countries (OPEC) and 11 independent producers committed themselves to reduce oil production by 1.8 million barrels per day (MBD), to achieve stabilization of crude oil prices.
“It was in Algeria, where we decided to create this declaration of cooperation, to end speculators in the oil market, the idea is to eliminate the speculative effect, we also want to see how we cooperatively work the producing countries that we have been attacked by consumer countries like the United States”, he said.
It may be recalled that the countries that participate in this meeting produce more than 50% of the oil consumed in the world, so that the decisions taken at the meeting will have a great international impact, especially in the hydrocarbons price. The information was provided during a live contact made by Venezolana de Televisión.
