Caracas, Jul 19 (IANS): Venezuelan Oil Minister Tareck El Aissami announced that his country has officially consented to the oil market stabilisation agreement drawn up during the 19th ministerial meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+).

"Venezuela ratified at the 19th OPEC+ ministerial meeting its commitment to the historic agreement that guarantees in the long term and in a sustained manner the stability of the world oil market," El Aissami said in a tweet on Sunday.

The minister added that OPEC+ "reaffirms its unequivocal position on the foundations of a stable and balanced oil market in the interest of producers, consumers, and the world economy", reports Xinhua news agency.

He said that the consensus reached at the meeting demonstrates a long-term strategic vision, adding that it promotes "balance in the oil market and the economic development of the world".

In March, OPEC+ members signed an agreement on the stability of the world oil market that aimed for efficient supply and fair return on invested capital.