Saudi Arabia warned that the Venezuelan crisis could affect the balance of the oil market

As the world closely follows what is happening in Venezuela, Saudi Arabia warned that the crisis in the Caribbean country could affect the balance of the oil market.

"Events in Venezuela could have an effect on the oil market," said Saudi Minister of Energy, Khalid al Falih, in dialogue with the chain Al Arabiya.

"We are following the political developments in this country (…) that could have an effect on the market equilibrium," added the Saudi official. whose country is the world's largest exporter of oil.

Al Falih gave these statements in front of a forum organized in Riyadh on the development of industry and infrastructure.

Oil production in Venezuela has dropped significantly in recent months, from more than two million barrels a day to about 1.4 million barrels a day.

Venezuela has the largest oil reserves in the world, more than 300,000 million barrels, but it is above all heavy crude whose process of production and refining is expensive.

Nicolás Maduro and Juan Guaidó are plunged into a struggle for power since the opposition MP has proclaimed himself interim president in the middle of strong protests against the serious economic situation that the country is going through.

A large part of the international community, with the United States and the countries of the Americas in the foreground, expressed their support and gratitude to Guaidó, while the dictator Maduro is increasingly isolated.

At the end of last year, OPEC members and producers not members of the agreement decided to cut production by 1.2 million barrels a day to maintain pricesuntil then down. The six-month agreement came into force in early January.

Falih announced Monday that OPEC would meet in March to badess the impact of this reduction in production on prices.

He added that the agreement was also scheduled to meet in April and again in June, but that it was too early to say whether the agreement in question would be extended.