Venezuela prefers to extend the agreement on reduction of OPEC+ oil production until the end of 2020, Manuel Quevedo, the country's oil minister and head of the state-owned oil company PDVSA, told reporters on Wednesday
VIENNA (Pakistan Point News / Sputnik - 04th December, 2019) Venezuela prefers to extend the agreement on reduction of OPEC+ oil production until the end of 2020, Manuel Quevedo, the country's oil minister and head of the state-owned oil company PDVSA, told reporters on Wednesday.The OPEC+ countries will discuss during a two-day meeting in Vienna the three options for the extension of the oil production cut deal. The options include the extension until March, July or the end of 2020.
"Until the end of the year," Quevedo, said answering the relevant question.
OPEC+ has been reducing oil production since 2017 to counter oversupply on the global market caused by a recent boom in oil output in the United States, which is not part of the OPEC+ deal.
