Venezuela excepted from OPEC oil output cuts due to crashing oil outputs

[GatoGordo]

Venezuela exempt from OPEC production cuts: It is expected that its production will continue to fall
December 23 2018, 12:20 pm



October production levels will be the benchmark for cuts in crude oil pumping for most OPEC countries and those outside the group that agreed to rebates earlier this month, the minister said on Sunday. Energy of the United Arab Emirates.

Libya, Iran and Venezuela are exempt from the production cuts, the minister said, adding that he expects the pumping of these countries to fall instead of increasing.

The September level will be the benchmark for some producers, Suhail al-Mazrouei said at a press conference at the meeting of the Organization of Arab Oil Exporting Enterprises in Kuwait.

Mazrouei said that OPEC producers and non-OPEC countries want the oil market to return to the levels of the boreal summer of 2018 in the first quarter of next year.

Shale oil producers were the first to suffer the fall in prices, he explained, as shale pumping slowed.

https://www.lapatilla.com/2018/12/23/venezuela-exenta-de-los-recortes-de-produccion-de-la-opep-se-espera-que-su-produccion-siga-cayendo/

Venezuela cannot cut outputs, since their output is crashing already. Venezuela WISHES it could attain the outputs it had in October. Output is currently the lowest in about 70 years.