OPEC+, backbone of post-pandemic market's financial balance - MPPRE

OPEC+, backbone of post-pandemic market’s financial balance

“OPEC+ is the backbone of the post-pandemic market’s financial balance,” asserted President Nicolás Maduro during an interview with Telesur television network. The Venezuelan president stressed that the consolidation of the Organization of Petroleum Exporting Countries (OPEC) over the years has enabled the articulation of a new alliance, OPEC+, which translates into the oil market financial balance. Due to the COVID-19 pandemic, he added, oil prices have abruptly fell, but with the new deal reached by the organization, which came into force on May 1, to cut 15 million barrels, 10 million from the OPEC+ agreement and 5 million from other G-20 countries, a gradual recovery is expected. In this framework, he stressed that Venezuela has an economy of resistance, and still supports healthcare, education and housing programs by facing a war economy and fighting the US persecution and sanctions.