From the Venezuela Ministry of Oil and Mines
THE BOLIVARIAN REPUBLIC OF VENEZUELA SUPPORTS EXTENSION OF AGREEMENT TO REDUCE COUNTRY PRODUCTION IN OPEC AND NON-OPEC COUNTRIES
The Bolivarian Republic of Venezuela supports the joint proposal submitted by the Minister of Energy, Industries and Mineral Resources of the Kingdom of Saudi Arabia, Khalid Al Falih; And Energy Minister Alexander Novak to extend for another 9 months the voluntary reduction of production signed in December 2016 by 24 member nations and non-members of the Organization of the Petroleum Exporting Countries (OPEC) , With a view to stabilizing the world oil market.
Support for this decision is in line with the initiative that has been proposed for more than two years by President Nicolás Maduro, who has insisted on adding wills in the light of a joint action that allows the achievement of stable and fair prices for this non-renewable natural resource, Which at the same time represents the main source of energy of the planet.
Venezuela believes that the agreement between the OPEC and non-OPEC countries, which groups together the 24 largest oil producers in the world, has been successful in recovering oil prices; Nevertheless notes that the agreement has had to face inventories above the average of the last 5 years, which is why an additional impulse is needed that assures the stability of the market in the long term.
President Nicolás Maduro extends a recognition to the will of the signatory countries of the agreement to achieve a joint action that has an impact on the global economy and in this way benefits the producing countries with a fair and stable income by the exploitation of their Resources, as well as consumers, with the guarantee of reliable, efficient and continuous supply of crude oil; And those who invest in the oil industry, with a fair profit that guarantees the continuity of their operations, as expressed in OPEC principles.
We hope that the next review meeting of the agreement between OPEC and non-OPEC countries will allow us to renew this historic initiative that has brought together countries with the most diverse political, religious and cultural orientations around a common goal of guaranteeing the energy future for the Welfare of the peoples of the world.
In Caracas, on the 15th day of May 2017