Venezuean Oil with Great Support for 2017

The Venezuelan Government has boosted stabilization of the crude oil market and as a result, the situation in the country will improve.

The decision by the members of the Organization of Petroleum Exporting Countries (OPEC) to reduce oil production in 1.8 million barrels a day (mbd), in a meeting in Vienna, Austria, comes into force today.

By this decision, the measure will benefit the producing, exporting and consuming countries, according to experts.

Petroleos de Venezuela SA (Pdvsa) marked a solid behavior, besides a fruitful management during 2016 that it took to sign important financing agreements to increase crude oil production, pay the contracted debts and beat an economic, financial, technological and media war.

The annual balance by the entity highlighted that the results of that behavior were already beginning to show with the increase of the prices of the Venezuelan offer, quoting a barrel at $45.92 USd.

Another solid contribution by Pdvsa in 2016 was a wide range of strategic cooperation agreements to boost energy development in the nation, for an amount that exceeded $30 billion USD, showing the financial strength of the country’s main industry, despite contrary opinions by enemies of the country.

Among important agreements, there is one with the Russian company Rosneft that will boost oil production in the country and entails the investment of $20 billion USD.

Other agreements were reached with the Chinese National Petroleum Corporation to develop the Jie Yang refinery, among other lines in that country.

The entity reached development accords with the company Shell Venezuela to finance the joint venture Petro regional del Lago, Ltd. with an investment of $2.8 billion USD.

It also reached an agreement with the Republic of Trinidad and Tobago to implement and execute the Venezuelan Natural Gas Supply Project.

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