On September 12, in Abu Dhabi, United Arab Emirates, will be held the 16th meeting of the Joint Monitoring Ministerial Committee (JMMC) of the Voluntary Adjustment of Oil Production Cooperation Declaration of the Organization of Petroleum Exporting Countries (OPEC) and non-member countries of the group (OPEC +).
In this work meeting, the commitments of the Declaration of Voluntary Adjustment of Oil Production, signed in 2016, will be monitored.
It should be remembered that at the most recent meeting of the JMMC, held last July in Vienna, the monthly report of the Joint Technical Committee was evaluated, referring to the global hydrocarbon market prospects for this 2019.
The meeting of the Ministerial Committee for Joint Monitoring will be attended by the OPEC Secretary General, Mohammad Barkindo; the President of the OPEC Conference, Minister of People’s Power for Petroleum and President of Petróleos de Venezuela, S.A. (PDVSA), Manuel Quevedo; among other personalities in the oil field.
The Declaration of Cooperation of Voluntary Adjustment of Petroleum Production of the Organization of Petroleum Exporting Countries (OPEC) and the non-member nations of the group (OPEC +) has undoubtedly contributed to the stabilization of the international hydrocarbons market since its signature in 2016.
In this sense, the Minister of People’s Power for Petroleum of Venezuela and president of the OPEC Ministerial Conference for this 2019, Manuel Quevedo, reiterated last July in Vienna «the importance of the extension of voluntary oil production adjustment from July 1, 2019 until March 31, 2020, that is, for 9 more months, with the aim of maintaining the stability of the oil market, so that through balanced supply and demand, producing countries and consumers may have the same level of benefits”.
Likewise, the representative of the Venezuelan oil, gas and petrochemical portfolio has repeatedly highlighted “the sovereign and independent position of Venezuela to reject unilateral sanctions against the oil industry, which have sought to damage the national economy and operations by PDVSA”.
«We have raised in each instance our concern that oil and gas cannot be used against the people, they have to be used for the development and welfare of the people», said Minister Quevedo.
It is noteworthy that the Bolivarian Diplomacy of Peace of the Constitutional Government of the president of the Bolivarian Republic of Venezuela, Nicolás Maduro, has contributed greatly to the stability of the world oil market.