(Energy Analytics Institute, Piero Stewart, 27.Jun.2018) – OPEC’s recent agreement in Vienna implies Venezuela’s commitment to comply with oil production of 1.972 million barrels per day for the second semester of 2018.
The agreement was announced at the recent meeting – the 4th Ministerial Meeting of Oil Exporting Countries Organization (OPEC) and Non OPEC countries – held in Vienna, Austria with the view to continue joining efforts to achieve world oil market stability through 2016 Production Adjustment Cooperation Statement continuity, announced Petróleos de Venezuela, S.A. (PDVSA) in an official statement.
“The agreement to achieve 100 percent of production level, according to Resolution dated November 30th, 2016, implies to keep the present adjustment and the commitment of Venezuela to comply with 1.972 million barrels a day for the second semester 2018,” announced PDVSA, citing PDVSA President Manuel Quevedo.
Venezuela, the country with the world’s largest oil reserves, produced 1.392 million barrels per day (MMb/d) in May 2018, according to OPEC’s most recent Oil Market Report, citing data from secondary sources. This compares to oil production of 1.911 MMb/d in 2017 and 2.154 MMb/d in 2016, according to the OPEC data.
The Joint Monitoring Ministerial Committee plans to follow up with compliance of production adjustment levels by the OPEC nations, announced Quevedo, who also serves as Venezuela Oil Minister, without provide details.