Tue, 27 Oct 2020

CARACAS, Sept. 17 (Xinhua) -- The OPEC+ cooperation agreement saw "a record level of compliance" in August, Venezuelan Oil Minister Tareck El Aissami said on Thursday.

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

El Aissami's remarks came on occasion 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. "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," he 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.

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