OPEC and allies set to cut oil production

Friday, December 7, 2018

Press release from PSVSA.

This Friday, in Vienna, the OPEC and non-OPEC countries (OPEC+) decided to reduce production levels with the aim of contributing to the stabilization of the international oil market.

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The OPEC member nations will cut their production by 800,000 barrels per day, while the OPEC+ countries will reduce output by 400,000 barrels per day, starting on January 1 for an initial period of six months.

"On its second anniversary, the Declaration of Cooperation continues to demonstrate its effectiveness in achieving the balance of the hydrocarbons market, we do not want volatility, but stability," said the oil minister and president of Petróleos de Venezuela (PDVSA), Manuel Quevedo.

On the other hand, the OPEC+ nations have worked towards a significant reduction in inventories in 2018. OPEC has focused on the analysis of the fundamentals to achieve the objective of rebalancing the international market for hydrocarbons.

The participating countries in the Declaration of Cooperation of Voluntary Adjustments of Oil Production, signed in 2016, will continue to make joint efforts with a view to balancing the international oil market.

The 6th OPEC+ Ministerial Meeting will be held in April 2019 in Vienna, Austria.

It should be noted that Venezuela will preside over the OPEC Ministerial Conference for one year, starting on January 1, 2019.