The OPEC+ Joint Ministerial Monitoring Committee (JMMC) announced that an additional voluntary reduction in the oil production in Russia, Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Gabon will amount to 1.66 million barrels per day by the end of 2023.
"On behalf of Venezuela, we attended the 48th OPEC+ Ministerial Committee Meeting to ratify our country's support for the actions taken by the alliance to ensure the stability of the global energy market," Tellechea tweeted.
OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the COVID-19 pandemic.
In August 2022, the alliance started the final stage of canceling these cuts, but in November it cut the production once again by 2 million barrels per day from the maximum possible level of August. This decision is valid until the end of 2023.