CARACAS - OPEC members are complying with 80 percent of cuts agreed by the oil exporting group, Venezuela's oil minister Rafael Ramirez said on Tuesday.
The Organization of the Petroleum Exporting Countries decided not to extend production cuts at a meeting on Sunday. In recent months, the group agreed to withdraw 4.2 million barrels per day from the market.
"We are going to wait until we have 100 percent compliance and then evaluate the situation of the market on May 28," Ramirez said during a phone call to Venezuelan state television, referring to OPEC's next meeting scheduled for May 28.
The Organization of the Petroleum Exporting Countries decided not to extend production cuts at a meeting on Sunday. In recent months, the group agreed to withdraw 4.2 million barrels per day from the market.
"We are going to wait until we have 100 percent compliance and then evaluate the situation of the market on May 28," Ramirez said during a phone call to Venezuelan state television, referring to OPEC's next meeting scheduled for May 28.
