Venezuela hails 'record level of compliance' with OPEC+ deal

The OPEC+ cooperation agreement saw "a record level of compliance" in August, Venezuelan Oil Minister Tareck El Aissami said.

"We applaud the excellent results of the cooperative work of OPEC+," El Aissami said on Twitter on Thursday, adding the level of compliance with production quotas in August was 101 per cent.

El Aissami's remarks came on the sidelines of the 22nd meeting of the OPEC+ Joint Ministerial Monitoring Committee, a body made up of the member countries of the Organization of Petroleum Exporting Countries and other producing nations, Xinhua news agency reported.

"The projections for the recovery of the world economy for 2021 are encouraging. However, OPEC+ countries must continue to be alert to the negative effects of Covid-19, which continue to impact the world's economies and the global energy industry," he warned.

Venezuela attended the meeting in the spirit of "dialogue and cooperation as the way to overcome today's difficulties", the Minister added.

The Committee holds monthly online meetings to assess the performance of the oil market and compliance with production quotas by member countries of the OPEC+ cooperation agreement.

Meanwhile, oil prices advanced on Thursday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies stressed importance of compliance with output cuts quotas.

The West Texas Intermediate for October delivery rose 81 cents to settle at $40.97 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery climbed $1.08 to $43.30 a barrel on the London ICE Futures Exchange.

"In the current environment, the JMMC emphasised the importance of being pro-active and pre-emptive and recommended that participating countries should be willing to take further necessary measures when needed," the OPEC+ Joint Ministerial Monitoring Committee said in a statement.

Thursday's market movement followed a massive rally in the prior session that saw both crude benchmarks surge more than 4 per cent.

--IANS

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