Crude oil market sees “clear signs of recovery,” says Venezuelan oil minister

Over the last three years, Venezuela's oil output has suffered a sharp decline and authorities of the South American nation blame U.S. sanctions for undermining the industry.

RIO DE JANEIRO, BRAZIL - The crude oil market "shows clear signs of recovery in terms of consumption, supply and prices" in March, Venezuelan Minister of Petroleum Tareck El Aissami said Wednesday, March 3rd.

"This invites us to continue the progressive and gradual adjustment of production," said El Aissami, who took part in a teleconference of the joint ministerial monitoring committee of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Successful cooperation between countries "within the organization has led to the desired balance of the world energy market," El Aissami added.

Venezuela's Oil Ministry said in a . . .

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