Venezuela supports additional production cuts recommended by the OPEC+ Technical Committee

Venezuela supports the recommendation to cut production by an additional 600 thousand barrels per day, presented by the Joint Technical Committee (JTC) of the Declaration of Cooperation of OPEC countries and participating Non OPEC nations. The proposed adjustment from this moment until June 2020 arose during the extraordinary meeting of the Committee in Vienna, where the consequences of the so-called Coronavirus outbreak on world oil demand were discussed. The extraordinary meeting focused on the review and analysis of the report prepared by OPEC called “The otential Impact of the Coronavirus Virus on the world economy and the oil demand of 2020”. With support for the additional adjustment of production, Venezuela reaffirms its policy of achieving the stability of the international hydrocarbon market, and contributing to the fair relationship between producer and consumer countries, as well as investors.