Venezuela met 120% goal of the Opec and Non-Opec agreement


Venezuela achieved in 2017 the fulfillment of 120% of the target established in the agreement of OPEC and external (Non-Opec) producers on the cut of its crude offer, informed on Thursday the Minister of People’s Power for Oil, Manuel Quevedo.

“In all the revisions we have made of 2017, Venezuela has fulfilled what is the declaration of cooperation, the production cut to contribute in the stabilization of oil prices, by 120%. That is, we have guaranteed, along with the OPEC countries, that oil prices achieve a stabilization thanks to these measures”, he said.

During a telephone contact, Quevedo assured that since January, Venezuela has been assigned the task of reducing 95,000 barrels of its daily crude production, complying with the established commitment, where was agreed. a total cut of 1,758,000,000 barrels.

The holder of the Petroleum portfolio and also president of PDVSA, recalled that the Joint Committee on Ministerial Oversight will be made up of Algeria, Kuwait, Venezuela, Saudi Arabia and two countries not belonging to the OPEC group, such as Russia and Oman. Saudi Arabia and Russia will take the reins of this committee.

He indicated that in 2018 United Arab Emirates will assume the presidency of OPEC, and Venezuela will accompany this nation as Vice President.

He highlighted the work of the President of the Bolivarian Republic of Venezuela, Nicolás Maduro, who after his oil tour has been the architect of the new agreements established in this matter.

“Our worker president Nicolás Maduro grabbed his whirlwind tour, and brought those results that are so visible and so respected, that they have extended it for another 9 months. On 2018 we can count on a certain stability in these prices that guarantee for the nation’s budget” he highlighted.

He reiterated that the process of restructuring the state oil company, will boost production, in order to contribute to the economic recovery of the country

The OPEC Conference, issue number 175, will be held during the month of May next year.