THE + POSITIVE: Venezuela, Kuwait and Algeria will form a monitoring committee
Maduro celebrated the agreement
winner of the 2016 national journalism Simón Bolívar
The President of Venezuela, Nicolas Maduro, expressed appreciation for the political efforts held in the OPEC, to stabilize the oil market. Maduro recalled that to concrete the historical agreement, it took two years of efforts to
achieve fair, realistic and stable prices. The Venezuelan Minister of Foreign Affairs, Delcy Rodriguez, described yesterday´s agreement as a historical lesson of understanding for the balance of the global economy
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SUPPORT OF VENEZUELA
People of the Mercosur countries will mobilize today
It was done OPEC decided to cut 1.2 million barrels per day from its current production
Social movements in Montevideo, Asuncion, Buenos Aires and Brasilia will mobilize today in support of Venezuela and in rejection of the institutional rupture of the Mercosur. Different social sectors of the member countries of the Mercosur will demand the cessation of the boycott against Venezuela in the trade block. Venezuela denounced the initiatives of Brazil, Paraguay, Uruguay and Argentina, who intend to break the internal rules of the Mercosur. The Bolivarian Republic of Venezuela summoned the mobilization during the Social Forum of the Mercosur, which took place this week in the country´s capital. ANNOUNCEMENT
Unasur experts met in Caracas
►After ► the OPEC announcements, ►OPEC ► announced that the produthe crude-oil prices increased, in cers outside the cartel will cut 600 average, 9% in an initial report. thousand barrels from the market.
he Organization of Petroleum Exporting Countries (OPEC) decided to cut 1.2 million barrels of crude-oil per day from its current quota of production. The measure will start to be applied in January of 2017 and will remain in force for six months. Then it could be extended for another semester. In May, the organization will meet to analyze the impact of the decisions made and study the possibility of extending the measure for six more months.
The OPEC signed the agreement unanimously and announced that Saudi Arabia assumed the highest percentage of the reduction, with 486 thousand barrels per day. Venezuela, Kuwait and Algeria will form a Monetary and Financial Committee that will work very close to the Secretariat of the OPEC, to monitor the measures assumed by the Organization. After the OPEC announcements, the crude-oil prices increased, in average, 9% in an initial report issued by
the media. The decisions of the nonOPEC countries are yet to be confirmed, specially Russia´s, who assumed the commitment of cutting 300 thousand barrels per day from its output. The OPEC announced that the producers outside the cartel will cut 600 thousand barrels from the market. This was the first global agreement, since the one signed in 2008. This was the first global agreement, since the one signed in 2008.
Experts from the Union of South American Nations (Spanish acronym: Unasur) prepare the founding agreement of the Dispute Resolution Center regarding investments. This body is a result of a decision made by the heads of State and Government discussed in November of 2010, in Guyana. The Dispute Resolution Center is created as an alternative to the International Center for Settlement of Investment Disputes (ICSID), of the World Bank. The conversations were held the Ministry of Foreign Affairs of Venezuela, country which holds the temporal chair of the Unasur.