Vienna — Venezuela’s Minister of Petroleum and President of the Organization for the Petroleum Exporting Countries, OPEC, Manuel Salvador Quevedo Fernandez has called on OPEC and its partners involved the oil cut deal to follow through with conformity to the pact, adding that there would be a review for the coming year.
Mr. Fernandez revealed this at the ongoing 17th meeting of the Joint Ministerial Monitoring Committee, JMMC, on Thursday in Vienna, Austria.
According to him, both individual and general conformity to the oil cut deal will play a critical role in the success of the partnership and review of the cut quotas.
“It is important to stress, however, that individual conformity levels need to be met. Cohesion and its practical demonstration are the true keys to our success, be it conformity levels or more broadly acting in unison”.
“This strength will be vital as we approach 2020, and today we will review the outlook for the global economy, and oil supply and demand for the upcoming year.
What we deliberate, and our recommendations, will play into the calculations that will be presented to the ministerial meetings thereafter, as we look to chart a course that for 2020”.
He added that the review of the Declaration of Cooperation was necessary as the committee will focus on the market outlook having listened to consumers and other stakeholders.
“…and I assure you that we are focused on the interests of the global economy”, he added.