Venezuela promotes stabilization of oil prices

Hace 2 años.

The President of the Republic, Nicolas Maduro, said that Venezuela will seek to promote in upcoming August and September a meeting with members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries to resume actions that would set the international oil prices to an average $40 during the second half of the year.

In his program “En Contacto con Maduro” (Contact with Maduro), broadcast by Venezolana de Television from Miraflores Palace in Caracas, the Head of State said that in the coming hours will contact the Emir of Qatar, Sheikh Hamad Ben Khalifa Al Thani, he also has sent communications to the presidents of Iran, Hassan Rouhani; of Russia, Vladimir Putin; and to other OPEC members and non-members.

“We are running a series of meetings, right now in August and September, to review, re-launch, the plans that allowed us, in this first half of the year, to stabilize, in a moderate manner although wtill at a low, the oil prices to about 40 (dollars per barrel)”, said the National President.

Venezuela proposes to bring the price of a barrel to a point of balance that allows to invest in production, and thus extract the oil required to meet the global demand. Since the end of June 2014 the oil prices have experienced a decline of over 70%, which affected the balance of the market and the relations between producing countries and energy consumers.

This situation has been caused largely by the increased production of shale gas and oil by the United States.

The Minister for Petroleum and Mining, Eulogio Del Pino, has held talks with the Secretary General of OPEC, Nigeria’s Mohammed Barkindo, in order to make proposals that will accelerate plans for a moderate stabilization of oil, which closed on Tuesday at 35.90 Dollars per barrel.

Opec’s president Mohammed Bin Saleh Al Sada, told the Efe agency that from September 26 to 28, on the sidelines of the 15th International Energy Forum to be held on that date in Algeria, will be held an informal meeting in which will participate OPEC and non OPEC producing countries.