Maduro: There is a good climate for the stabilization of the oil market

Venezuela and other producing countries are advancing in the recovery of oil prices, which since mid-2014 have remained unstable due to overproduction, as informed this Monday the President of the Republic, Nicolás Maduro.

After meeting with authorities in Algeria, a member of the Organization of Petroleum Exporting Countries (OPEC), he indicated that there is a good climate around the stabilization of the market.

“We continue to make progress in all agreements to recover the market and the governability of the oil market in order to recover prices at a fair level”, pointed out Maduro.

Venezuela and Algeria are members of the Opec and non-Opec Ministerial Monitoring Committee, whose functions include monitoring compliance with the oil cut-off agreement signed at the end of 2016.

For the Venezuelan President, it is necessary that prices have a fair setting “for industry and development of investments”.

In addition to his agenda in Algeria, the Head of State attended the Organization of Islamic Cooperation (OIC) meeting in Astana, Kazakhstan on Saturday, where he took part in bilateral meetings with his counterparts in Turkey, Recep Tayyip Erdoğan; Kazakhstan, Nursultan Nazarbáyev; and from Iran, Hasan Rouhani; to strengthen diplomatic ties.

For a fair price

Along with the President’s work agenda, Oil Minister Eulogio Del Pino evaluated the results of the cut-off agreement with his Kazakh counterparts, Kanat Bozumbayev; Suhail al-Mazrou from the United Arab Emirates; and Khalid Al Falih from Saudi Arabia.

From Kazakhstan, Del Pino, who participated in the Eurasian Energy Forum, said that the Venezuelan Government will propose OPEC to raise the discussion on the new phase of the oil cut-off agreement from a ministerial to a presidential level.

As a venue for the presidential meeting, the Venezuelan Government will propose Santa Cruz de la Sierra, in Bolivia, where will be held the 4th Summit of Gas Exporting Countries in November.

“There could be a good place to hold this meeting that also includes Opec and Non-OPEC producers to discuss at the highest level the new phase of this agreement”, said Del Pino on the weekend.

The oil market continues to be attentive to the meeting to be held by the Monitoring Committee on 22nd of this month in Vienna, Austria, which will evaluate strategies to stabilize the market.