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WorldPosted at: Nov 18 2020 7:40AM


Venezuela Supports 3-Month Extension of Current OPEC+ Production Cuts - Oil Minister

Buenos Aires, Nov 18 (Sputnik) - Venezuela supports the extension of the current restrictions on oil production, reached by OPEC+, by three months, Vice President, Petroleum Minister Tareck El Aissami said.
"Venezuela supports a three-month extension of the 7.7 million barrels per day production cut to contain the impact of the COVID-19 pandemic on the global oil market," El Aissami wrote on Twitter.
The OPEC+ committee on Tuesday discussed the situation on the oil market amid the second wave of coronavirus and the feasibility of increasing the alliance's production from 2021 in these conditions. As a result, no recommendation was made, although a day earlier, OPEC+ experts recommended that ministers consider maintaining the current production restrictions for the first quarter or for the first half of 2021.
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