Venezuela backs the recommendation of the OPEC+ technical committee to cut crude output by 600,000 barrels per day, the South American country’s oil ministry and state oil company PDVSA said in a joint statement on Tuesday.
A panel that advises the Organization of the Petroleum Exporting Countries and its allies, led by Russia, proposed the output cut as oil prices were hit by concerns about demand following the coronavirus outbreak in China.
“With this support for the additional production adjustment, Venezuela reaffirms its policy of achieving stability in the international hydrocarbons market,” the statement said.
Russia has not said whether it supports the proposal, which has frustrated some OPEC members. Reuters