The Organization of Petroleum Exporting Countries (OPEC) and its allies meet in Vienna on Monday to establish an extension of six or nine months of the cut in force during this semester of their crude oil production, with which they hope to avoid lower oil prices.
The performance of the 176th OPEC Ministerial Conference will be chaired by Venezuela and will continue on Tuesday with the sixth meeting of the «OPEC+», the 14 partners of the organization and ten independent allied producers.
Previously, the 15th joint monitoring meeting was held where OPEC and non-OPEC countries evaluate the cooperation agreement, that is, the cut that corresponds to each nation.
Prior to the meeting, the Venezuelan Minister for Petroleum, and President of Petróleos de Venezuela (PDVSA), Manuel Quevedo, reviewed the agenda with Opec Secretary General, Mohammed Barkindo, with the priority intention of maintaining market stability and extending the cooperation agreement for 6 more months between OPEC and non-OPEC countries.
OPEC and its allies, led by Russia, have cut production since 2017 to avoid a fall in oil prices amid the increasing pumping of the United States, which has become the world’s largest producer this year, ahead of Moscow and Riyadh.
The next conference will be in December when it is Venezuela’s turn to deliver the presidency of OPEC.
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