Crude oil market sees “clear signs of recovery,” says Venezuelan oil minister

RIO DE JANEIRO, BRAZIL – The crude oil market “shows clear signs of recovery in terms of consumption, supply and prices” in March, Venezuelan Minister of Petroleum Tareck El Aissami said Wednesday, March 3rd.

“This invites us to continue the progressive and gradual adjustment of production,” said El Aissami, who took part in a teleconference of the joint ministerial monitoring committee of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Successful cooperation between countries “within the organization has led to the desired balance of the world energy market,” El Aissami added.

Venezuela’s Oil Ministry said in a statement that the meeting, hosted out of Vienna (Austria), gathered OPEC members Saudi Arabia, Algeria, United Arab Emirates, Iraq, Kuwait, Nigeria and Venezuela.

OPEC Secretary General Mohammad Barkindo participated, and non-OPEC allied countries Kazakhstan and Russia were also present.

In February, during the presentation of a report on the development of the management of Venezuela’s oil industry, El Aissami said the country aimed to produce just over 1.5 million barrels of crude per day by 2021.

Over the last three years, Venezuela’s oil output has suffered a sharp decline and authorities of the South American nation blame U.S. sanctions for undermining the industry.