The Oil Minister, Tareck El Aissami, pointed out that the decision of the OPEC+ alliance, led by Saudi Arabia and Russia, to continue applying the sharp cut in oil production in 2023 offers “a necessary balance” to the oil market.
The Minister of Petroleum, Tareck ElAissami, He pointed out that the decision of the OPEC+ alliance, led by Saudi Arabia and Russia, to continue applying the sharp cut in oil production in 2023 offers “a necessary balance” to the oil market.
This Sunday, August 4, El Aissami indicated that the government will reaffirm the adjustment of 2 million barrels and that it will be extended for the next year.
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“This, obviously, makes a necessary balance to maintain a fair price balanced in the market,” said the official in a video posted on the TikTok social network.
The Minister of Petroleum, as reported EFE, held a virtual meeting with the OPEC+ alliance.
This Sunday, the Energy and Petroleum ministers of the 23 countries of the alliance reaffirmed that the reduction of their joint pumping by 2 million barrels per day (mbd), agreed on October 5, is the necessary and correct measure.
In addition, they convened their next regular conference for June 4, 2023, according to the note issued by the Organization of Petroleum Exporting Countries (OPEC).
Minister El Aissami assured that OPEC+ is “a way” to accompany other nations in “the search for alternative solutions and a necessary balance for the development of our world.”
He also insisted that the sanctions against Venezuela limit the country in the exploitation of its natural resources. At the same time, he confirmed that the government continues to “fight, fight and denounce” the lifting of economic measures.
EFE recalled this Sunday that Venezuela, whose oil production rose 51,000 bpd in October to 717,000 bpd, is exempt from the commitment to limit its extractions, in addition to Iran and Libya.
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