Venezuela ratified its commitment to comply with the provisions of the OPEC+ agreement, signed at the end of 2016 by the 14 members of the Organization of Petroleum Exporting Countries (OPEC) and 11 independent producers, and which consists in reducing oil production to balance the market and promote the fair price of the barrel.
This was reiterated this Saturday by the Minister for Petroleum, Manuel Quevedo, who recalled in his Twitter account that: «The agreement to achieve 100% of the production level, according to the Resolution of November 30, 2016, means maintaining the current cut».
In this regard, indicated that Venezuela will comply with the production of 1,972,000 barrels per day for the second half of 2018, and for this, the state-owned Petroleos de Venezuela (PDVSA) refines work methods in the framework of a restructuring process to take action in that line.
Based on what was signed in the agreement, he recalled that no country can take the production of another. Quevedo is in Vienna, Austria, where the Ministerial Meeting number 174 of OPEC took place yesterday.
In 2016, OPEC members agreed to take 1.2 million barrels per day (MBD) from the market to purge excess inventories and stabilize oil prices. This initiative was joined by 11 countries external to the organization, which undertook to reduce joint pumping by 558,000 barrels, to set a global reduction quota of 1,758,000 MBD.
Along these lines, Venezuela is committed to reducing 95,000 barrels per day.
In 2014, the oil market was affected due to the fact that the main buyer of crude oil, the United States, began to sell it obtained through the practice of fracking, which produces an environmental impact, action that caused the price of a barrel of oil to fall to 23 Dollars.
