Venezuela Dissatisfied With Quota For Oil Output Set By OPEC-Non-OPEC Deal - Ambassador

Venezuela is not satisfied with its quota for oil production under the Vienna agreement of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers and is currently taking measures needed to restore the level of oil production, Venezuelan Ambassador in Russia Carlos Rafael Faria Tortosa told Sputnik.

MOSCOW (UrduPoint News / Sputnik - 24th September, 2018) Venezuela is not satisfied with its quota for oil production under the Vienna agreement of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers and is currently taking measures needed to restore the level of oil production, Venezuelan Ambassador in Russia Carlos Rafael Faria Tortosa told Sputnik.

"The oil production has dropped indeed, we disagree with Venezuela's quota as part of the OPEC-Non-OPEC deal. But concrete steps aimed at restoration of the company's capability to produce oil are being taken now," the ambassador said.

"During [Venezuelan President Nicolas] Maduro's visit to China a very important issue has been discussed relating to the financial assistance for Venezuela's oil production. It will help us to return to the oil production levels set by the [Vienna] agreement of December 2016. Our quota, which we have agreed on, remains same, but in reality we do not meet it. But Maduro already has a concrete plan to restore oil production levels," the diplomat stated.