The Minister for Petroleum, Manuel Quevedo, and the Minister of Energy of Saudi Arabia, Khalid Al Falih, held a meeting on Sunday in which they evaluated the possibility of extending the Declaration on Production Adjustment Cooperation of the Organization of Exporting Countries (OPEC), on the occasion of the 176th meeting of the Ministerial Conference of the oil organization.
Quevedo met with Al Falih in the city of Vienna, Austria, due to the 15th Meeting of the Joint Ministerial Oversight Committee (CMMC) and the 176th OPEC Ministerial Meeting to be held on Monday, July 1, and the 6th Meeting of OPEC and Non-OPEC countries to be held on Tuesday, July 2 in the European nation.
“In a bilateral meeting with the Saudi Energy Minister, Khalid Al Falih, we review the preliminary data that will be discussed on Monday at the 176th meeting of the OPEC Ministerial Conference and at the meeting between OPEC and Non-OPEC countries”, wrote the minister on his Twitter account.
After arriving in the city, Quevedo also met with the Minister for Oil of Algeria, Mohamed Arkab, with whom he reviewed the conditions of the world hydrocarbons market. On Saturday, the minister met with OPECs secretary, Mohammed Barkindo, in review of upcoming meetings.
The objective of the 176th Meeting of the Conference of the oil organization will be to analyze and decide on a new adjustment of the overall production of the Organization and its allies, a measure that will seek to maintain market equilibrium, through supply and demand at levels stable for the world oil market, as outlined the Ministry of Petroleum.
The CMMC met early in May in Jeddah, Kingdom of Saudi Arabia, in an evaluation of the behavior of the oil market, and to be able to make decisions in the meetings of this week. The Monitoring Committee, at that time, expressed satisfaction with the impact of the Declaration of Cooperation, with the recovery of the market in the first quarter of 2019, comparing the four quarter of 2018.
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