At the meeting in Saudi Arabia, Venezuelan Oil Minister Quevedo denounced the U.S. economic and financial harassment against the Venezuelan economy and its oil industry.
Ministers of the Organization of Petroleum Exporting Countries (OPEC) and their allies evaluated Sunday the evolution of the oil market and the fulfillment of the cut in crude production in force this semester, and prepare the conference convened for the end of June in Vienna.
The 14th Meeting of the Joint Monitoring Ministerial Committee (CMMC) of the Organization of Petroleum Exporting Countries (OPEC) and the non-OPEC nations, in Jeddah, Saudi Arabia, was chaired by the Venezuelan Minister of Petroleum, Manuel Quevedo.
This meeting of the Joint Monitoring Committee of OPEC + aims to review the levels of compliance with the Declaration of Cooperation for Voluntary Adjustment and examines the projections of the main indicators of the international oil market.
Additionally, the work schedule and future meetings will be proposed to continue monitoring the price of hydrocarbons.
The agreement of 24 countries, including Russia, was forged at the end of 2016 in order to halt the fall in oil prices, which was then pushed further by an oversupply, prompting all participants to commit to reducing their supplies.
Since then they not only kept the joint offer limited, but in December they deepened it with a second cut, of 1.2 million barrels per day (mbd), which came into force on Jan. 1 and in principle runs until June 30.
The JMMC was created to verify the degree of compliance with the commitments and can not make decisions because they require consensus in the meetings in which all OPEC members participate.
For his part, Quevedo, also president of the Ministerial Conference of this Organization, denounced the U.S. economic and financial harassment against the Venezuelan economy and its oil industry.
"Therefore, this generates disturbances in the flow of oil supply to the world market, as well as serious economic damage and suffering to the Venezuelan people," he said.