Venezuela advocates oil stability

Venezuela will reportedly promote actions geared to achieve stability in the price and production of oil at a meeting of the Organization of Petroleum Exporting Countries (OPEC) in Abu Dhabi, United Arab Emirates.

According to a release by the Ministry of Petroleum, a Venezuelan delegation will attend on September 12 the sixteenth meeting of the Joint Monitoring Ministerial Committee (JMMC) and the Declaration on Cooperation of Voluntary Adjustment of OPEC Oil Production.

During the meeting, the commitments of the adjustment declaration signed in 2016 will be assessed, in which the South American nation will maintain its agreements and commitments adopted, according to the release.

Experts say that this agreement contributed to the stabilization of the international hydrocarbons market, when the most recent JMMC meeting, held in Vienna, last July, evaluated the monthly report of the Joint Technical Committee referring to the world market prospects of hydrocarbons for this year.

At the last meeting, the Venezuelan Oil Minister, Manuel Quevedo, highlighted the importance of the extension of the voluntary adjustment of oil production with the aim of maintaining market stability and that through balanced supply and demand, countries will have the same level of benefits.

Similarly, he stressed 'the sovereign and independent position of Venezuela to reject unilateral sanctions against that industry, which have sought to damage the national economy.'



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