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Venezuela's Pdvsa readies to meet oil production cut

The state-run oil company Petróleos de Venezuela (Pdvsa) warned its customers that it will reduce the sales volume due to the obligatory cut effective as of January 1, 2017. The company clarifies on its website that the measure does not contradict the provisions of the contracts signed with its buyers

The Venezuelan crude oil barrel is expected to hit an estimated price of USD 45 in 2017

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29 de diciembre de 2016 11:15 AM

PARA COMPARTIR

Venezuela's Pdvsa readies to meet oil production cut

Venezuelan state-run oil industry Petróleos de Venezuela (Pdvsa) is getting ready to comply with the cut policy agreed in Vienna on November 30, according to which the country should reduce its production by 95,000 barrels per day, Pdvsa President and Minister of Petroleum Eulogio del Pino said yesterday.

In fact, this Tuesday the oil company announced in its official website that “without prejudice to its international contractual commitments, from January 1, 2017, Pdvsa and/or its subsidiaries will implement a decrease in the volumes of main crude oil sales contracts, all in accordance with the terms and conditions provided in their current contracts.”

In an interview broadcasted by a public TV channel,  Minister Del Pino also said that next year, the local crude oil barrel is expected to hit an estimated price of USD 45.

“(…) with the impact of the 1.8 million barrels to be out of the market, it will result in a restoration of inventories balance in 100 days. When that relationship is balanced, there is a very well estimated relationship between the inventories and the price, he said.

Russian news agency Sputnik reported that Azerbaijan Energy Minister Zamina Alieva said that his country began to prepare for gradually reducing its production to 35,000 barrels per day from January 1, 2017, which is its cut rate. Sources linked to OPEC said that within a period of six months, this country would have reached the maximum reduction of its quota.

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