Venezuela advocates extending the OPEC + agreement until the end of 2020


VIENNA (Sputnik) – Venezuela prefers that the oil agreement of the OPEC member countries and other producers outside the cartel be extended until the end of 2020, said the Venezuelan Minister of Petroleum and the president of the state oil company PDVSA, Manuel Quevedo.

At the OPEC + meetings, from December 5 and 6 in Vienna, the possibility of extending the oil pact will be examined, some countries, such as Oman and Iraq, have already decided to extend the agreement until the end of 2020.
"Until the end of the year," Quevedo responded to the press question about which option he prefers.
At the end of 2016, OPEC (Organization of Petroleum Exporting Countries) and at that time 11 independent producers – Azerbaijan, Bahrain, Brunei, Equatorial Guinea (member of the cartel since May 2017), Kazakhstan, Malaysia, Mexico, Oman, Russia , Sudan and South Sudan — agreed in Vienna to reduce joint production by 1.8 million barrels per day.

The agreement, which seeks to stabilize hydrocarbon prices, was extended several times, the last time on July 2, when OPEC and its independent partners pledged to reduce production as a whole by 1.2 million barrels per day. until March 31, 2020.

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