Venezuela cut its oil production by 95,000 barrels per day, in compliance with the OPEC deal and aiming to reduce the global oversupply of the raw material. The country is one of the biggest oil producers and member of OPEC, being seriously hurt by the low oil prices, struggling from poverty and giant finance crisis.
“Without prejudice to international obligations since January 1, 2017 the state oil company PDVSA and/or its subsidiaries will implement the policy of reducing the volume of major contracts for the sale of crude oil, in accordance with the terms and conditions”, says the official statement of the Venezuela’s Ministry of Energy.
Venezuela is among the countries that suffered most from the collapse of oil prices since mid-2014. Currently in the South American country are produced about 2.4 million barrels of oil per day.
The socialist president Nokolas Maduro plans to visit in the coming weeks a number of oil producing countries and to advertise the signed agreement for reducing of oil yields.
“I propose a new system, a new formula for fixing the markets and oil prices to allow for stability, harmony, continuity”, said the socialist president Nokolas Maduro on Monday, without giving more details on its route or planned proposals to other manufacturers.
more recommended stories
Macy’s Assets Continue to be Overlooked
This is no time to be.
Global Asset Prices Move in Lock-Step
Portfolio managers often preach the benefits.
Buffett Doubles Apple Stake, Adds to Airlines
The Securities and Exchange Commission (SEC).
CBOE Volatility Index Hits New Lows
After a year of surprises that.