Petroleum Export Agreement

Petroleum Export Agreement

Introduction

The vice president for the Economic Area and Minister of Popular Power for Petroleum, Tareck El Aissami, ratified this Saturday that the declaration of cooperation of the Organization of Petroleum Exporting Countries (OPEC+) as one of the central columns to overcome the economic crisisWorld Cup that has generated the Covid-19 pandemic. "Given the unprecedented situation that the world economy caused by COVID-19 is there, there is no doubt that OPEC+ is one of the central columns to overcome the global financial economic crisis," said the Aissami during a ministerial videoconference with the member countries with the member countriesof the poster.

Developing

He assured that Venezuela agrees to extend the production adjustment agreement, in order to seek stability and fair prices in the hydrocarbons market and urged to maintain the sacred character of the pact. The Aissami referred to the situation of Venezuela, product of the economic, financial and commercial blockade imposed by the United States Government (EE. UU.), which has affected oil production in the country. The measures implemented by the United States against Venezuela "hit the oil production and freedom of commerce of the peoples, so we call international solidarity," he said.

In this regard, he pointed out that using oil to attack nations affects the stability of peoples, especially in times of pandemic. At the same time, which thanked the solidarity of the Islamic Republic of Iran that sent 5 ships with fuel to supply the country despite the direct threats of the Donald Trump administration.

This Saturday, the 179th meeting of the OPEC Conference is held, in order to analyze the evolution of the world oil market, before the agreements reached last March, as well as the fair, timely and equitable implementation of the recent ones was evaluatedagreements to achieve stabilization.

conclusion

Given this situation, the oil minister emphasized that “continue to advance in dialogue and cooperation, as well as favor the virtuous mechanism of OPEC’s declaration of cooperation+. "Our commitment ratified in 2000 with Commander Hugo Chávez is strengthened every day with our President Nicolás Maduro, in new spaces for consultation and dialogue to achieve a balance and multipolarity," he said. Last March, the member countries reaffirmed their continuous focus on the foundations for a stable and balanced oil market, in the interest of producers, consumers and the global economy, having as a framework the declaration of cooperation for voluntary adjustment for voluntary adjustmentof the production of crude oil reached in 2016.