Venezuela ratifies commitment to OPEC proposals

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4 January 2021

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Caracas, Jan 4 (Prensa Latina) Venezuela's Minister of Oil Tareck El Aissami ratified on Monday the country's commitment to support the proposals of the Organization of the Petroleum Exporting Countries (OPEC+) to stabilize the oil market.

On the 25th Meeting of the Joint Ministerial Monitoring Committee to be held on Monday, the minister noted on Twitter, 'we begin in 2021 by participating in the Meeting Committee to continue consolidating the stability of the oil market in the face of the Covid-19 aftermaths. Venezuela will continue promoting the dialogue in the energy field.'

The meeting that is taking place in Vienna, Austria, through videoconference, is directed by the president of that committee and Saudi Arabia's Minister of Oil Abdul Aziz Bin Salman Al Saud and its purpose is to reach agreements that allow the market's stabilization, as well as the rise in the production of crude oil as of February.

During the working day, the member countries assess the evolution of the oil market and the levels of compliance with the production adjustments by the OPEC Secretariat, a press release indicates.

Also, the meeting is attended by the heads of delegation of seven members, Algeria, Saudi Arabia, United Arab Emirates, Iraq, Kuwait, Nigeria and Venezuela, while for the non-OPEC countries Kazakhstan and Russia are present, and as guest Angola, in its capacity as President of the Conference of the entity for the year 2021.