03 de enero de 2017 12:09 PM
Actualizado el 03 de enero de 2017 12:17 PM
Saudi Arabia urged oil producers which agreed to the recent oil production cut pact to help achieve stability in the global oil market.
The Saudi Minister Council highlighted the importance of “stability and coordination, and fostering cooperation among the Member States and the commitment to implement the production cut agreement reached last November,” reported news agency SPA.
As for Venezuela, the production cut established by the Organization of Petroleum Exporting Countries (OPEC) totals 95,000 barrels per day, for an output of 1.9 million barrels per day (mbd).
Venezuelan President Nicolás Maduro is expected to undertake a tour of several oil producing countries with a view to ratifying the agreement and bringing forward a proposal aimed to carry out a market study in the long term, which would allow a better management of resources.
Since the oil production cut agreement was reached, crude oil prices have recovered by nearly 15%.