Russia, Saudi Arabia and members of the Organization of Petroleum Exporting Countries (OPEC) reported on Friday that from January 1 will reduce oil production by 1.2 million barrels per day by June 30, 2019. The decision will soon provoke the reaction of the President of the United States, Donald Trump, which in the previous had requested that the activity continue as it has been until now. In contrast, the leader of the Bolivarian Republic of Venezuela, Nicolás MaduroHe thanks Vladimir Putin and Mohamed bin Salman to change strategy.
The objective of OPEC countries and their allies is to increase the international price of oil by reducing 2% the daily production of barrels. If this is achieved, the oil companies could transfer that cost to the service station pumps.
OPEC members must cut 800,000 barrels of their daily quota, while their allies will have to reduce the remaining 400,000. In addition, Venezuela, Libya and Iran, members of the first group, will be exempt for their "special circumstances".
Thus, in the first half of 2019, Maduro would reach a greater influx of foreign exchange into the country, Petroleos de Venezuela (PDVSA) would have higher turnover with the same production of the previous half. "The deal is important to our economy," Maduro said after meeting with Putin in Moscow.
The main agreement was Pact between Russia and Saudi Arabia, the two largest exporters, who want the barrel back at $ 100. The price plummeted to $ 30 by 2016, then rose to $ 85 in October and fell to $ 60 in December.
Following the announcement by OPEC, the markets did not take long to react: The Texas Intermediate Oil (WTI) price rose on Friday by 2.2% ($ 52.61) and the future of Brent by February ended 2.72% ($ 61.76) in London.