CARACAS (Pakistan Point News / Sputnik - 07th June, 2020) Venezuela expects the extended oil cuts deal of OPEC and allied producers to help them achieve fairer crude prices and allow the global economy to rebound, its oil minister said Saturday.
"We have ratified an agreement that will have an impact on the global financial system and drive the post-pandemic economic recovery," Tareck El Aissami told Sputnik.
He said Venezuela will monitor the effect the deal will have on the global energy industry and hoped that the OPEC+ format will contribute to a continued dialogue between exporters and consumers and help them find balance.
The 23-nation alliance agreed on Saturday to extend production cuts through the end of July. The countries, led by Saudi Arabia and Russia, will take a cumulative 9.7 million barrels a day off the market.
