Venezuela tells OPEC about market turmoil caused by sanctions against Russia
MEXICO CITY, February 2 – RIA Novosti. In his speech at the OPEC+ meeting, Venezuelan Oil Minister and Vice President for Economy Tarek El Aissami said that Western sanctions against Russia seriously disrupted the global energy market and caused turmoil.
“We see illegal and irrational measures violating international law that the West continues to target countries that stabilize the global energy market and that are part of it. Now they are imposing and announcing new sanctions against Russia, this is our partner and member.” “This is dramatically disrupting and confusing the global energy market,” he said in a video posted on TikTok at the 47th meeting of the OPEC+ Ministerial Oversight Committee.
According to the results of the virtual meeting, the committee did not recommend adjusting the current parameters of the alliance’s oil production agreement, the next meeting of the committee is scheduled for April 3.
OPEC+ reduced oil production by 9.7 million barrels per day in May 2020 due to falling demand caused by the coronavirus pandemic. The alliance has entered the final phase of exiting these cuts since August 2022, but has again cut production since November to reduce production by 2 million barrels per day from the highest possible level for August.
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