Venezuela Supports OPEC+ Market Plan

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(Energy Analytics Institute, Piero Stewart, 11.Apr.2020) — Venezuela, not invited to participate in the OPEC+ discussions, continues to support the measures that intend to contribute to the stability of the world oil market amid the spread of the coronavirus pandemic.

RELATED STORY: The 9th (Extraordinary) OPEC And Non-OPEC Ministerial Meeting Concludes

During the 9th OPEC+ Extraordinary Meeting, held 9 April 2020, a proposal was made to cut total oil production by 10 million barrels per day (MMb/d) to 33.8 MMb/d from 43.8 MMb/d from May 2020 and for two months ending 30 June 2020, PDVSA announced in an official statement.

Additionally, plans from 1 July 2020 to 31 December 2020 call for total adjustments of 8 MMb/d, and adjustments of 6 MMb/d will continue for a period of 16 months that will correspond to the dates from 1 January 2021 to 30 April 2022.

RELATED STORY: APPO Commits To Support OPEC+ Efforts To Stabilize The Global Oil Market

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Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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