The Sector Vice-president for the Economy, Tareck El Aissami, described the 21st Meeting of the OPEC+ Ministerial Joint Monitoring Committee (JMMC) as a success, held this Wednesday from Vienna, Austria, via videoconference.
“There was 95% compliance with the cutback goal for the month of July 2020, and if we include Mexico, which also took the initiative to cut it on its own, we reached a 97% cut of the goal set, it is a historic figure”, said El Aissami, who offered the President of the Republic, Nicolás Maduro, an assessment of the 21st Meeting of the OPEC+ Joint Ministerial Monitoring Committee.
During his participation in the Productive Wednesday session, along with the president of PDVSA, Asdrúbal Chávez, he explained that in the OPEC+ meeting, participated the representatives of nine countries that make up the Joint Monitoring Ministerial Committee, made up of the OPEC+ countries Algeria, Iraq, Kuwait, Nigeria, Saudi Arabia, Venezuela, United Arab Emirates, and by the non-OPEC countries Kazakhstan and Russia.
El Aissami stressed that the Minister of Energy and Oil of the Kingdom of Saudi Arabia, His Royal Highness Prince Abdul Aziz Bin Salman Al Saud, launched an initiative of Cut, Compliance and Compensation, the latter would be applied when the goal is not met in function to regain the point of equilibrium.
“The meeting emphasized achieving 100% compliance of all participating countries to the Declaration of Cooperation, which is a fair and vital mechanism for rebalancing efforts underway to help achieve long-term stability of the oil market”, he highlighted.
The representative of Venezuela to OPEC reiterated that this mechanism of the Declaration of Cooperation not only allows the stability of the energy industry and the oil market, but is also the fundamental mechanism for the leverage of the post-pandemic economy.
“There is no other mechanism that is constituted as a monitor to revive the world economy”, he added.
In this regard, President Maduro stressed that one of the vital columns of global recovery, after the Coronavirus, in the years to come, “is the stability of the oil market, a good and stable oil price is a guarantee of the flow of resources for the global recovery”.
“We are consolidating the OPEC+ Declaration of Cooperation, a mechanism where Venezuela has vital leadership and we will continue to recover and take safe steps”, added the National President.
In this sense, El Aissami reported that there are some signs of improvements in market conditions, including the accumulation of inventories for the month of July 2020, which was reversed, that is, the gap between supply and demand in the world oil market was closed, which represents a hope for the economy of the peoples of the world.
“Venezuela today is the firm and determined voice of a firm and sovereign people”, added El Aissami, referring to the country’s leadership in the OPEC+ Declaration of Cooperation, a fair, timely and necessary mechanism promoted by Venezuela to seek a rebalancing of the world oil market.