Venezuela backs three-month extension of cap on oil output

Venezuelan Oil Minister Tareck El Aissami

On Tuesday, Venezuelan Oil Minister Tareck El Aissami said his country supported a 3-month extension in the cap on oil production to 7.7 million barrels per day (mb/d) of crude.

“Venezuela supports the extension, for a period of three months, of the level of production adjustment of 7.7 mb/d, which will lead to containing the impacts caused by the COVID-19 pandemic on the world oil market,” El Aissami said via Twitter.

His remarks came on the occasion of the 24th meeting of the Joint Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries and allied nations (OPEC+).

“The OPEC+ Declaration of Cooperation has been the most effective mechanism for the protection and stabilization of the energy market and the economy in general terms,” said El Aissami.

“Venezuela ratifies its commitment to continue adopting the necessary decisions to guarantee the stability of the energy market and the recovery of the economy of our peoples,” the minister added. 

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