OPEC and allies evaluate compliance with oil production cut


Ministers of the Organization of Petroleum Exporting Countries (OPEC) and their allies evaluated on Sunday the evolution of the oil market and the fulfillment of the cut in crude production in force this semester, and prepare the conference convened for the end of June in Vienna.
The 14th Meeting of the Joint Monitoring Ministerial Committee (JMMC) of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations being held, in Jeddah, Saudi Arabia, is chaired by the Venezuelan Minister of Petroleum, Manuel Quevedo.
This meeting of the Joint Monitoring Committee of OPEC + aims to review the levels of compliance with the Declaration of Cooperation for Voluntary Adjustment and examine the projections of the main indicators of the international oil market.
Additionally, the work schedule and future meetings will be proposed to continue monitoring the price of hydrocarbons. Venezuela, a founding member of the Organization of Petroleum Exporting Countries (OPEC), is part of this Joint Monitoring Committee.
The alliance of 24 countries, which includes Russia (OPEC 14), was forged at the end of 2016 to halt the fall in oil prices, which was then pressured by an oversupply, and all participants committed to reducing their supplies.
Since then, they have not only kept the joint offer limited, but in December they deepened it with a second cut, of 1.2 million barrels per day (mbd), which came into force on January 1 and which in principle runs until June 30.
The JMMC was created to verify the degree of compliance with the commitments and can not make decisions, because they require consensus in the meetings in which all OPEC members participate.
Venezuela under the economic and financial siege of the United States:
For his part, Quevedo, also president of the Ministerial Conference of this Organization, denounced in the framework of the meeting that the Venezuelan economy and oil industry were under the economic and financial harassment of the United States government:
«Therefore, this generates disturbances in the flow of oil supply to the world market, as well as serious economic damage and suffering to the Venezuelan people,» he said.