Oil industry can’t stand another price collapse – Venezuela
Baku, Azerbaijan, Feb.10
By Leman Zeynalova – Trend:
World oil industry can’t stand another price collapse, Venezuela’s President Nicolas Maduro said, according to the message posted on the website of Venezuelan Ministry of the People's Power of Petroleum and Mining.
Maduro expressed regret for the massive layoffs in transnational oil companies in 2016 as a result of the decrease in oil prices.
Last year, more than 50,000 oil workers were fired across the world, added Venezuelan president.
He warned that if the prices collapse again, there could be massive bankruptcy of companies, starting with transnational companies.
Venezuelan president invited companies to work towards compliance with the agreement reached between OPEC and non-OPEC countries in Vienna.
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.
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