The Venezuelan minister for petroleum, Manuel Quevedo, arrived this Wednesday in Vienna, Austria, in order to participate in meetings of the Organization of Petroleum Exporting Countries (OPEC).
This meeting will serve to review the world oil market for the last month of the year, in addition to evaluating joint actions in order to maintain balance in the market, as refers a note of the Ministry of People’s Power for Petroleum.
Quevedo will participate in two events, according to the guidelines of the organization, among them will be the 177th Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC), as well as the 7th OPEC+ Ministerial Meeting.
The 177th Conference will aim to review the scope and achievements of the most recent adjustment agreed between member and non-member countries, which seeks to maintain market equilibrium, through supply and demand at optimal levels for the world oil market.
Likewise, the possibility of a new adjustment of the Organization’s production and its strategic partners will be evaluated.
The 7th Ministerial Meeting will evaluate the impact of the possible extension of the agreed adjustment in the production of hydrocarbons that are proposed to this energy instance by 2020.
The meetings will be held between December 5 and 6, where will be considered the situation of the
World’s oil market, in light of projections towards next year.
Venezuela is faithful to the principles of the Diplomacy of Peace transmitted by former President Hugo Chávez himself, which seek a win-win balance of the oil market, which benefits the consumer, producer and investor countries.
The market has been affected as a result of over-saturation by the US and its shale oil extracted by the criticized method of “fracking” or hydraulic fracturing.
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