In the Official Gazette of the setting of the production of venezuelan crude oil from this January 1, 2017 – Noticias24

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(Caracas, January 03. Noticias24) – The Ministry of Popular Power of Petroleum issued a resolution by which adjusts the production of venezuelan crude oil from January 1, 2017, in compliance with the agreement reached at the meeting 171ª of the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC).

The Resolution 195, published in Official Gazette N° 41.063 with date December 29, 2016, provides that from the 1st of January the state oil company Petróleos de Venezuela, S. A (PDVSA), its subsidiaries and joint ventures, adjust their production according to the parameters provided by this Ministry, to comply with the reduction of 95 thousand barrels of crude oil daily agreed within OPEC.

further Indicates that the implementation of the program of adjustment of production of oil shall be periodically informed to this Ministry, as the principal entity in the field of hydrocarbons, and specifically assigned to the Office of the Vice-ministry of Hydrocarbons execution, surveillance, monitoring, and control of the implementation of this resolution, in accordance with its powers to coordinate and substantiate the administrative records referred to the transgressions of this measure.

it Is important to remember that, with the object of achieving stability in the global oil market and encourage the recovery of oil prices, the member countries of the OPEC agreed to adjust the production of its member countries to 32.5 million barrels per day, from 1 January 2017, for a period of six months, extendable taking into account the conditions prevailing in the international petroleum market.

This decision means for the Bolivarian Republic of Venezuela a reduction in the production of 95 thousand barrels per day of crude oil,, with respect to the level of production referential, considered according to the Report of the High Level Committee of the OPEC on the Agreement of Algeria, and in the above-mentioned meeting No 171, November 30, 2016.

By mandate of the Organic Law of Hydrocarbons, such an adjustment of the production is of mandatory compliance for those who engage in primary activities of hydrocarbons in the country.

With information from press release.