05:43 GMT +324 October 2019
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    Storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela's Hugo Chavez oil belt, formally known as the Orinoco Belt

    Venezuelan Oil Minister Discusses Oil Output Cut Deal With Russian Ambassador

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    Venezuelan Oil Minister Eulogio Del Pino and Russian Ambassador to Venezuela Vladimir Zaemskiy discussed on Tuesday the upcoming meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) devoted to the implementation of the oil output cut deal, according to Venezuela's state-owned oil and natural gas company PDVSA.

    MOSCOW (Sputnik) – Venezuelan Oil Minister Eulogio Del Pino and Russian Ambassador to Venezuela Vladimir Zaemskiy discussed on Tuesday the upcoming meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) devoted to the implementation of the oil output cut deal, Venezuela's state-owned oil and natural gas company PDVSA said in a statement.

    "[The parties] discussed issues related to the next Joint OPEC-Non-OPEC Ministerial Monitoring Committee that will take place in Vienna, Austria, on September 22, and will be aimed at seeking of strategies for recovery of fair prices on the oil market where Venezuela and Russia play important roles," the statement said.

    Del Pino and Zaemskiy also discussed joint investment plans and the Petrozamora joint venture, where Russia’s Gazprombank is a 40-percent stakeholder.

    In 2016, the OPEC countries reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices. The agreement was also supported by 11 non-OPEC states. In late May, the parties to the agreement agreed to extend the deal until April 2018.

    The JMMC was created in order to control the implementation of the deal. It includes ministers of three OPEC member states — Venezuela, Kuwait and Algeria — and two countries that are not part of the cartel, namely Russia and Oman. The JMMC meets every two months.

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    Tags:
    oil output cuts, PDVSA, Russia, Venezuela
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