OPEC + Committee to continue monitoring oil market – Correo del Orinoco



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The Joint Follow-up Ministerial Committee of the OPEC + Cooperation Declaration will continue to study market developments and focus on crude oil supply and demand in 2019.

At the XIth Meeting of this Committee, held this Sunday in Abu Dhabi, United Arab Emirates, the monthly report of the Joint Technical Committee on the prospects of the world hydrocarbons market for 2019 was revised.

At this meeting it was determined that the participating nations of the Declaration of Cooperation reached a level of compliance of 104% during the month of October.

The Committee verified the state of supply and demand and, by 2019, there was an increase in supply above global requirements, taking into account the current levels of uncertainty.

It is important to note that the OPEC + Joint Ministerial Monitoring Committee is formed by Saudi Arabia, Algeria, Kuwait, Oman, Russia and Venezuela, along with the United Arab Emirates, which participates as president of the OPEC Conference.

The next meeting of the Joint Ministerial Monitoring Committee will be held on 5 December in Vienna, Austria.

Ministerial Meetings

Parallel to the Monitoring Committee meeting, Minister Quevedo held a working meeting with his Saudi counterpart Khalid Al Falih to review strategies aimed at stabilizing the oil market.

Likewise, the holder of the Venezuelan oil portfolio spoke with Russian Federation Energy Minister Alexander Novak in order to exchange views on the oil prospects of 2019.

The Venezuelan minister also spoke with OPEC Secretary General Mohammed Barkindo because on January 1, 2019, Venezuela will assume the presidency of the Organization's Conference.

Exchange with the press

Earlier, Minister Quevedo told international reporters at the source that Venezuela is working to increase production, concentrating its efforts on solving deferred barrels as a priority.

The head of the Venezuelan oil office said the unilateral sanctions applied by the US government against Venezuela have a negative impact on the country's oil operations.

However, he noted that there are good relationships with Chevron, as well as with the other international oil companies present in the country.

Once again the Bolivarian Peace Diplomacy of the president's constitutional government, Nicolás Maduro, carries the message of the Venezuelan people to the highest international bodies in order to consolidate a multipolar and more just world.

T / Mppre
F / File

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