Venezuela Implements Oil Cut Agreement

Instant Max AI

(PDVSA, 27.Dec.2016) – PDVSA announced implementation of an agreement to reduce production reached by member and non member countries of the Organization of the Petroleum Exporting Countries (OPEC). Under the agreement, Venezuela must implement a production cut of 95,000 barrels per day.

As of January 1, 2017 PDVSA and /or its subsidiaries will implement a reduction of the volumes of the main crude oil sales contracts without prejudice to PDVSA’s international contractual commitments and in accordance with the terms and conditions of current contracts.

It is public knowledge that Venezuela, together with the other members of OPEC, agreed to curb production to 32.5 million barrels per day as of January 1, 2017 at the 171st Meeting of the Conference which was held November 30, 2016 in Vienna, Austria.

PDVSA honors the commitment made by Venezuela, and reaffirms its commitment to comply with the decisions reached by it and contribute to the stability of the world oil industry.

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