COMUNICACIONES / NOTICIAS
Caracas.- People’s Minister of Petroleum and President of Petróleos de Venezuela, S.A. (PDVSA), Manuel Quevedo, arrived in Muscat, capital of the Sultanate of Oman, to participate in the 7th meeting of the Joint OPEC-Non OPEC Ministerial Monitoring Committee (JMMC) which will assess compliance with the crude oil production adjustment Declaration of Cooperation.
OPEC and non OPEC member countries agreed on a Declaration of Cooperation in December 2016, which went into effect January 1, 2017.
Venezuela demonstrated full compliance with its quota, set in the 2016 Declaration of Cooperation, at the 6th meeting of the JMMC which was held in Vienna, Austria, on November 30, 2017 at the time of the 173rd meeting of the OPEC Conference.
The JMMC is composed of three OPEC member countries: Algeria, Kuwait and Venezuela, and two non-OPEC: Russia and Oman.
The consensus among OPEC and non OPEC member countries aimed at the stability of the international oil market and oil price recovery. This resulted in an agreement to adjust production to 32.5 million barrels per day, as of January 1, 2017.
At the 7th meeting of the JMMC, they will examine compliance levels and their impact on the main indicators of the 2017 international oil market. They will also review the market outlook for 2018, considering various compliance scenarios.
Oman hosts the 7th meeting of the JMCC
Oman’s energy data includes 5.4 billion barrels in proven oil reserves, with a production of 1.004 million barrels per day. Its state-owned oil company is Petroleum Development Oman.
Oman is an observer country at the Gas Exporting Countries Forum (GECF); it has 24.9 trillion cubic feet (TCF) of proven gas reserves and a production of 1.25 TCF.
The Bolivarian Republic of Venezuela continues its firm commitment to achieve oil price equilibrium. President of the Republic, Nicolás Maduro, has played a key role as he has met with his counterparts in OPEC and non OPEC countries in order to reach consensus in defense of oil prices.
