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Venezuelan President proposes holding meeting of OPEC+ monitoring committee on May 10

Earlier on Monday, the Kremlin’s press service reported that Putin and Maduro had a phone conversation discussing the situation on the world oil market

MOSCOW, April 20. /TASS/. Venezuelan President Nicolas Maduro proposed holding a meeting of the committee to monitor the implementation of the OPEC+ agreement on May 10, the republic’s Foreign Ministry announced on Monday.

According to the ministry, the head of state put forward the corresponding initiative during a telephone conversation with his Russian counterpart Vladimir Putin.

"President Maduro noted the decisive role of Russia in reaching the agreement among all parties [to the OPEC+ deal] and proposed [holding] a meeting of the monitoring committee of the [corresponding] mechanism on May 10 in order to assess at an early stage the impact of the agreements on the global energy market," the ministry said on Twitter.

Earlier on Monday, the Kremlin’s press service reported that Putin and Maduro had a phone conversation discussing the situation on the world oil market.

"When exchanging views on the situation on the world oil market, [the leaders] stressed great importance of the agreement reached within the OPEC+ on the approved reduction in oil production," the statement said.

OPEC+ countries finalized the deal on crude output production in May-June at an extraordinary meeting on April 12. The final reduction quota for two months will equal 9.7 mln barrels per day instead of 10 mln barrels per day as Mexico assumed a smaller quota than expected. Russia and Saudi Arabia will reduce production on equal terms by 2.5 mln barrels per day from the basic level of 11 mln barrels per day.

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