Venezuela agrees reduction of 1.2 million barrels of crude oil in Vienna

The Organization of Petroleum Exporting Countries (OPEC) and its allies, agreed in Vienna, the reduction of 1.2 million barrels per day (mbd) in its production, informed Friday the President of the Republic, Nicolás Maduro Moros, from the International Airport, Simón Bolívar de Maiquetía.

“I want to thank Russia, Saudi Arabia, all our OPEC partners and not OPEC for having achieved a reduction of 1.2 million barrels per day, which will allow the stabilization of (oil) prices at a fair level for producers, consumers, for the general economy”, said the National President.

He said that the measure includes “important news for Venezuela, because of various reasons that have to do with the world economy, the US inventories of crude oil, had depreciated in the last 15 days”.

President Maduro recalled that two years have passed since the agreement reached in Vienna in 2016 “which for the first time in history allowed OPEC countries with 60 years of tradition in our organization to reach an agreement with all non-OPEC countries, particularly with Russia which produces ten million barrels. Two years later the agreement has been ratified”.

“We believe in fair, stable prices so that the world economy has energy references providing potential for growth”, he said.

Venezuela made the consolidation of strong, stable and respectful relationships

With regard to the last meetings held with the presidents of Mexico, Turkey and Russia, he said that, “Venezuela is committed to a world of articulation for development, a world of respectful relations in terms of equality, a world based on cooperation, complementarity in politics, diplomacy, economics, technology and finance”.

In this sense, the dignitary pointed out that it is time for a new integrationist dynamic among the peoples to be launched in the world.


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