OPEC Chief, New Venezuelan Oil Minister Discuss Global Market Developments Via Video Link

OPEC Chief, New Venezuelan Oil Minister Discuss Global Market Developments via Video Link

The secretary general of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, has welcomed new Venezuelan Petroleum Minister Tareck El Aissami in the OPEC via a video link on Wednesday, during which the sides discussed current oil market developments, the organization said in a press release

MOSCOW (Pakistan Point News / Sputnik - 27th May, 2020) The secretary general of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, has welcomed new Venezuelan Petroleum Minister Tareck El Aissami in the OPEC via a video link on Wednesday, during which the sides discussed current oil market developments, the organization said in a press release.

On April 27, Venezuelan President Nicolas Maduro appointed El Aissami as the new oil minister, replacing Manuel Quevedo.

According to Barkindo, Venezuela, as one of the five founders of OPEC, has always played a vital role in the organization's work, ensuring stability in the global oil market.

"The endorsement by 24 OPEC and non-OPEC producers of the 'Charter of Cooperation' (CoC) at the Ministerial Meetings in July 2019 during the Venezuelan Presidency of OPEC in 2019 is a legacy that the government and people of Venezuela should be extremely proud of," the press release read.

The OPEC secretary general went on to say that it was important to "continue with the sense of purpose that all participants have shown since the April Ministerial Meetings."

El Aissami, in turn, thanked Barkindo and commended OPEC for its dedication.

"We are honoured to be a Founder Member of the important Organization of the Petroleum Exporting Countries. ... I would like to express our profound satisfaction to the agreement reflected in the Declaration of Cooperation, as well as the Charter of Cooperation," the minister noted.

The OPEC+ countries, as well as oil producers from a wider G20 group of nations, such as the United States, Brazil and Canada, reached the oil production cut deal in mid-April. The deal envisages a reduction in oil production by the OPEC+ group by 9.7 million barrels per day for two months starting on May 1, and possibly up to 15 million barrels daily with the G20 nations taken into account.

Oil prices fell dramatically earlier this year against the background of the global coronavirus outbreak, which resulted in the implementation of lockdown measures and the suspension of production. As China and a number of other countries are now resuming domestic production, the oil market is expected to stabilize by the end of 2020.