Baku, Azerbaijan, Feb.13
By Leman Zeynalova – Trend:
Producer countries have historical responsibility to protect the oil market stability, said Venezuela’s Oil Minister Nelson Martínez.
Martínez made the remarks during the meeting with his Omani counterpart Mohammed bin Hamad Al Rumhy, said the message posted on the website of Venezuelan Ministry of the People's Power of Petroleum and Mining.
Venezuela’s Foreign Minister Delcy Rodriguez, who also visited Oman, noted that during the meeting with Omani oil minister, they stressed the progress in the implementation of the OPEC oil output deal reached in Vienna.
The country’s oil minister, foreign minister led by President Nicolas Maduro have toured OPEC countries such as Iran, Iraq, Qatar, Kuwait, Saudi Arabia and Algeria, and non-OPEC such as Russia and Oman to discuss the general situation on the oil market and the process of implementation of the OPEC deal.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.
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