Venezuela ratifies its commitment to OPEC+ for oil market stability

The Venezuelan government participated yesterday in the 35th Ministerial Meeting and the 49th Meeting of the Joint Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries and Allies (OPEC+) to consolidate the unity of action among the world’s leading oil-producing powers.

Venezuelan Oil Minister Rafael Tellechea reiterated “Venezuela’s commitment under the leadership of President Nicolás Maduro to continue supporting measures to ensure the stability of the energy market among producing nations”.

In the meetings held in Vienna, the capital of Austria, the oil-producing nations analyzed the world energy situation under the joint perspective of the organization’s Declaration of Cooperation.

Headed by Tellechea, the Venezuelan delegation also included the Venezuelan governor to OPEC, Ángel González, and the national representative to this multilateral organization, Ronny Romero.

Through an official statement, Caracas informed that the Venezuelan delegates deliberated on the new policies to be implemented after reviewing the evolution of the oil market.

During the meeting, the 23 OPEC+ member countries verified compliance with the measures previously adopted and analyzed their impact on the energy market.

On the other hand, the state-owned Petróleos de Venezuela (PDVSA) announced today the signing of an agreement with the Vietnamese company Petrovietnam to strengthen domestic production, and agreed to establish new reactivation strategies and business plans for the (bi-national) Petromacareo Joint Venture.

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