The OPEC logo. Photo: Reuters/Ramzi Boudina/File Photo.
Minister El Aissami described the decision as transcendental, in the midst of the market situation
This Wednesday, the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC Participating Countries agreed to start cutting crude oil production starting in November.
The agency’s decision, according to its website, was taken “in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and pre-emptive.”
The economic body agreed to adjust total production down to two million barrels per day, down production levels of August 2022.
The document also adds that OPEC+ agreed to extend the oil agreement until December 31, 2023.
During the meeting, held in Vienna, Austria, OPEC member countries decided that the Ministerial Joint Monitoring Committee will meet every two months instead of every month.
The next ministerial meeting of the OPEC countries is expected to take place on December 4.
The 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.
Read Press Release👉 https://t.co/Bu3HMDi3In
— OPEC (@OPECSecretariat) October 5, 2022
OPEC agreement for market balance
After finishing the meeting, Tareck El Aissami, Venezuela’s minister for petroleum, described the momentous decision made by the member countries of OPEC and asserted that it is essential to achieve balance in the market.
“The decision that we have adopted today within the framework of the 33rd Ministerial Meeting of OPEC + is transcendental. The balance of the energy market is essential to guarantee a reliable supply for all countries,” wrote El Aissami via his Twitter account.
Es trascendental la decisión que hemos adoptado el día de hoy en el marco de la 33º Reunión Ministerial de la OPEP +. El equilibrio del mercado energético es fundamental para garantizar un suministro confiable para todos los países. @OPECSecretariat pic.twitter.com/beYx3dKOwV
— Tareck El Aissami (@TareckPSUV) October 5, 2022
El Aissami then took aim at illegal coercive measures used by the West against exporting countries, pointing out that “the imposition of sanctions, the blockade, and the aggression by the West against the main oil-producing countries are part of the senseless and irrational measures that have caused the imbalance in the energy markets.”
La imposición de sanciones, el bloqueo y la agresión por parte de Occidente a los principales países productores de petróleo, forman parte de las medidas insensatas e irracionales que han provocado el desequilibrio en los mercados energéticos. pic.twitter.com/R5J0wmbvbG
— Tareck El Aissami (@TareckPSUV) October 5, 2022
The latest sanctions promoted by the West are against Russia, which has generated an energy crisis, mostly in Europe, where several countries declared an energy emergency ahead of winter.
OPEC+ To Cut Production Quotas by 100,000 Barrels of Oil Per Day
Recently, the European Union presented a new package of sanctions against Russia, including a ban on transporting oil to third-party countries at a price higher than the established price, and an extension of the ban on the import of goods, among others.
(Ultimas Noticias) by Ariadna Eljuri
Translation: Orinoco Tribune
OT/FV/SL
