The agreement between the member countries of the Organization of Petroleum Exporting Countries (Opec), reached on the 30th of November in Vienna for to lower your production, will be effective from the first of January of the next year.
released through release published on the website of Petróleos de Venezuela (Pdvsa), which stresses that the agreement, also discussed this Saturday with Non-Opec, “proposed to adjust its production of oil, voluntarily, or by a decline managed, as of January 1, 2017 for six (6) months, extendable by another six months, to take into account the conditions and perspectives of the market”.
“The Opec maintained its decision taken on November 30, 2016, pursuant to which we recorded arrangements after the broad understanding of the adjustment of Opec”, it ratifies the text.
11 oil-producing countries Non-Opec, that is to say, outside the organization, agreed to reduce its production in 558 thousand barrels per day to join, as well, to the initiative that is expected to increase the prices of the crude oil.
For its part, the minister of Oil and Mining, Eulogio Del Pino, he asserted that the next year the oil basket of Venezuela could reach up to 50 and 60 dollars a barrel, this then that countries are not Opec agreed on Saturday to decrease their production in 558 thousand barrels per day to join the initiative that is expected to increase in crude oil prices.
Read below the statement in full as published on the website of Pdvsa:
In the wake of the “Vienna Agreement”, decided in the 171ª Meeting of the Conference of the Organization of Petroleum Exporting Countries (OPEC) on November 30, 2016, the Ministers of OPEC met on Saturday, December 10, with several Ministers of oil-producing countries not belonging to OPEC, in the Secretariat of OPEC in Vienna, Austria.
The meeting was chaired jointly by the Excmo. Mr. Mohammed Bin Saleh Al-Sada, Chairman of the Conference of the OPEC and Minister of Energy and Industry of the State of Qatar and His Excellency Alexander Novak, Minister of Energy of the Russian Federation.
The Meeting recalled the right of peoples and nations to permanent sovereignty over their natural wealth and resources.
The Meeting took into account the current conditions of the oil market and the prospects for the short and medium term and acknowledged the need for a joint cooperation of oil-exporting countries, to achieve lasting stability in the oil market for the interest of both the producers and consumers of oil.
The Meeting took note that the Member Countries of OPEC met on November 30, 2016, and decided to apply for an adjustment of production of 1.2 million barrels per day (MBD) from 1 January 2017. The Meeting recorded that the Member Countries of the OPEC, to agree with this decision, they confirmed their commitment to an oil market stable and balanced, and stressed the importance that other oil-producing countries to join their efforts.
The Meeting acknowledged the desire of Azerbaijan, the Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, the Sultanate of Oman, the Russian Federation, the Republic of Sudan and the Republic of South Sudan, as well as other producers not belonging to the OPEC, the stability of the oil market, for the interest of all producers and consumers of oil. In this regard, the above-mentioned countries proposed to adjust its oil production, on a voluntary basis or through a decline operated, after 1 January 2017 by six (6) months, renewable for another six (6) months, to take into account the conditions and prospects of the market.
The above-mentioned countries and OPEC, convinced of the need to cooperate together to help stabilize the oil market, amounted to the following.
• The OPEC maintained its decision taken on November 30, 2016, pursuant to which we recorded arrangements after the broad understanding of the adjustment of the OPEC;
• Azerbaijan, Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, the Sultanate of Oman, the Russian Federation, the Republic of Sudan and the Republic of South Sudan is committed to reduce its oil production, voluntarily or through a decline managed, in accordance with an accelerated timetable. The combined objective of reduction is agreed to in 558.000 barrels per day, to the producers mentioned above;
• two participating countries not belonging to OPEC, to join the Ministerial Committee Monitoring of the OPEC, consisting of oil ministers, chaired by Kuwait and the Russian Federation as a substitute and assisted by the Secretariat of OPEC;
• Strengthen their cooperation, including through analysis and forecast ensembles, with a view to ensuring a oil market sustainable, for the benefit of both producers and consumers; And
• regularly Reviewing, levels of technical and ministerial level, the status of your cooperation.
finally, the Meeting expressed its appreciation to the Government and people of the Republic of Austria, as well as to the authorities of the city of Vienna for their warm hospitality and the excellent arrangements made for the Meeting.
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