If you see the decline in the non-OPEC and all the situation that happened in several countries, production has been maintained the same in the last three or four months, so de facto we have freeze conditions.

Del Pino

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We are actively promoting a meeting of producers, which we estimate could take place in the coming weeks, so that OPEC and non-OPEC countries can sit down to see what the scenario for the winter looks like.

We trade commercial debt for financial debt, which allows them to improve cash flow and to hold instruments with a financial return in order to manage the low-price environment, the arrangements that we offer ... allow them to continue operations.

We have the financing, Citgo has gotten financing to start works... by Del Pino

We have the financing, Citgo has gotten financing to start works we hope will last 12 months.

More than 3 million barrels are out of the market. When those circumstances are removed from the market, what's going to happen?

Production has been frozen ... Because if you see the decline in the non-OPEC and all the situation that happened in several countries, production has been maintained the same in the last three or four months, so de facto we have freeze conditions.

We are close to 90 percent of inventory levels already ... We could see a steep fall in oil prices in the next few weeks.

Unfortunately, the people representing the Saudis at the meeting didn't have any authority at all, even Naimi didn't have the authority to change anything. The Saudis said, 'we have new papers and either you approve them or we don't agree'.

We spoke of the adjustments that we have to make to accommodate the economic vicissitudes of the changing times, we had the opportunity to discuss very clearly the financial strategy that we have.

It will help PDVSA in all the necessary areas. For instance in border areas, we're going to increase our security, in operational issues where our soldiers are perfectly prepared.

We're in the middle of this. by Del Pino

We're in the middle of this.

We're on a very, very, very good path, when announcements must be made what we've suggested is that they be made together.

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We will go to Russia, a non-OPEC country where we will discuss pr... by Del Pino

We will go to Russia, a non-OPEC country where we will discuss proposals to stabilize crude.

We are consulting with various ministers of producing nations to arrange an extraordinary OPEC meeting.

We have a cost per barrel well below the current price of crude. by Del Pino

We have a cost per barrel well below the current price of crude.

Once the official notification of this claim is received, if it even exists, PDVSA will respond appropriately, given there is no basis or foundation whatsoever for a claim by Crystallex against the national oil company.

(That means) if someone tries something there they will have a lo... by Del Pino

(That means) if someone tries something there they will have a lot of problems.

We are trying to increase security. by Del Pino

We are trying to increase security.

We are producing right now 2.85 (million) of crude ... We have increased in the last four months 40,000 barrels per day. We plan to increase at the end of this year roughly 100,000 or 120,000 barrels per day, most from the Belt, we are exporting in the order of 2.4, 2.5 (million).

We estimate increasing (global) demands. In the order of 10-15 million barrels per day extra demand in the next 10 years, fracking will peak then decline very soon. Declination is very fast. Fracking has a 70 percent decline rate. The Faja has a 30 percent decline rate.

We didn't approve that because they didn't have the financing. by Del Pino

We didn't approve that because they didn't have the financing.

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