Authorities from Venezuela and Saudi Arabia analyzed the possibility of extending the Oil Production Adjustment Cooperation Declaration of the Organization of Petroleum Exporting Countries (OPEC).
On the occasion of the 176th OPEC Ministerial Conference, being held on July 1 and 2 in Vienna, Austria, Venezuelan Oil Minister Manuel Quevedo and Saudi Energy Minister Khalid Al Falih met to review the statistics on production that they will submit to the event.

Quevedo, who is also the chairman of the state-owned company Petroleos de Venezuela (PDVSA), said on Twitter that the global meeting will allow reviewing the conditions of the world hydrocarbon market.

The Venezuelan official noted that after arriving in Vienna, he also met with his Algerian counterpart, Mohamed Arkab and OPEC Secretary Mohammed Barkindo, with whom he reviewed the main issues to be debated at the Ministerial Meeting, which is aimed at analyzing a new adjustment for general production by the OPEC and its allies, according to a communiqué from the Oil Ministry.

The Venezuelan institution noted that the measure aims to keep the trade balance through stable supplies and demands in the world oil market.

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