Press Release

Venezuela participates in OPEC meetings

Bnamericas Published: Monday, May 20, 2019

PDVSA press release

On Sunday the Minister of Popular Power of Petroleum and President of the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC), Manuel Quevedo, held in Jeddah, Saudi Arabia, bilateral meetings to draw up joint strategies for the benefit of the oil market at scale world.

The first meeting was held with the Secretary General of OPEC, Mohammad Sanusi Barkindo.

Subsequently, he spoke with his Algerian counterpart to reaffirm ties of cooperation and complementarity in the energy field.

He also held a meeting with the Minister of Energy of Russia, Alexander Valentinovich Novak.

In the framework of this meeting that brings together the signatory nations of the Declaration of Cooperation for the Voluntary Adjustment of Production, the head of the Venezuelan energy portfolio, Manuel Quevedo, also met with the representatives of the non-OPEC allied countries, with the To review the levels of compliance with the Declaration of Cooperation for the Voluntary Adjustment of Oil Production.

This Committee is the creation of a solid block that seeks a common good for the producing countries, consumers and investors. That is why for this 14th Meeting of the Ministerial Committee of Joint Monitoring of the OPEC + Nations, 4 countries are added to this committee among them; United Arab Emirates, Iraq, Nigeria and Kazakhstan. Recall that initially was made up of Saudi Arabia, Kuwait, Algeria, Russia, Oman and Venezuela.

Next, the Governor of Venezuela before OPEC, Ángel González, indicated that this meeting allowed for a follow-up, to evaluate if there is a continuity of this voluntary adjustment of production, "this meeting is very important since in it we saw the fundamentals of the market what is the balance, supply and inventory of oil and see if it has given the established compliance ".

Gonzalez also added that the next OPEC conference will be held in Vienna in June 2019.

PDVSA statement published in English using an automated translation system

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