Venezuela ratifies output adjustment, commitment to maintaining world oil market’s stability at 11th OPEC+ Meeting

Venezuela ratified Saturday, June 6, the output adjustment and its commitment to joining efforts to maintain the world oil market’s stability within the framework of the historical OPEC+ consensus, said Venezuela’s Economy Vice-president and Oil Minister Tareck El Aissami during his participation at the 11th OPEC+ Ministerial Meeting.

“We ratify the output adjustment within the framework of the OPEC+ historical consensus to strengthen alliances with other oil producing countries, especially G-20 member countries, seizing the opportunity that Saudi Arabia is here as the President of this group this year,” said El Aissami.

Likewise, Venezuela, as an OPEC founding member and signatory of the OPEC+ Declaration of Cooperation, reaffirmed “the historical commitment to making efforts to maintain the oil market stable on the basis of the common interest of producing nations, efficient, economic and safe supply to consumers and a fair return on the capital invested.”

In his speech, El Aissami said that the OPEC+ Declaration of Cooperation “is one of the backbones to guarantee stability of the energy industry and overcome the global economic, financial crisis” amid the world’s economic situation due to theCOVID-19 pandemic.

The Venezuelan oil minister affirmed that the OPEC+ Declaration of Cooperation is the starting point that will enable to endure the impact caused by the pandemic and aim at the economic recovery of the people’s in the world and the global financial market.

“The output adjustments agreed in the April meetings this year have no precedents regarding their scope and duration. It was necessary to act and we did it by showing the full commitment of all the parties involved,” he stressed.

Sanctions-Solidarity

During his participation at the 11th OPEC+ Ministerial Meeting, the Venezuelan oil minister denounced the unilateral coercive measures imposed by the U.S. government on Venezuela’s hydrocarbon industry, PDVSA and its subsidiaries.

“These measures implemented within the framework of sanctions restrict the export and import of products, goods and services to recover and increase production,” said El Aissami, who appealed to the solidarity of the countries to condemn these actions affecting the legitimate right to free trade.

In this regard, El Aissami highlighted the support of the OPCE+, especially the Islamic Republic of Iran, which, despite U.S direct threats sent to Venezuela eight tankers to supply fuel, additives, spare parts and other equipment to increase the oil production and refining capacity.

Venezuela’s economy vice-president pointed out that Venezuela supports the extension of output adjustments, since forecasts for the third quarter of this year suggest a higher global oil demand.

“With this extension, and guaranteeing a full compliance with the agreements, we are certain that we could jointly speed up the reduction of inventories and, therefore, achieve a greater stability in the global energy industry,” he concluded.