Venezuela reaffirmed its commitment to continue working in a sustainable global economy, maintaining a market equilibrium that allows oil-exporting countries to obtain a fair price for their non-renewable natural resources and, in this way, also guarantee that consuming countries obtain the energy required for the continuity of the economic development of humanity.
Thus expressed on Thursday the Minister of People’s Power for Petroleum and president of PDVSA, Manuel Quevedo, during the panel “World Economy and Future of Petroleum”, within the framework of the 7th OPEC Seminar, which takes place in Vienna, Austria.
“The projections of the economic indicators of the International Agencies agree that for the next 20 years an annual sustained economic growth of approximately 3.5% is expected; this along with other indicators, such as the increase in the world population, the policies of poverty reduction and access to public services will result in a substantial increase in the demand for energy”, said the minister.
The head of the Venezuelan energy portfolio said that: “In 20 years, oil will continue to play an important role as an energy source, despite the new alternative sources that are in the process of development. It is expected that the demand for oil will increase by an annual average of at least 1.2 million barrels per day in the medium term and that, together with gas, occupy 50% of the energy matrix of 2040”.
Minister Quevedo also stressed that: “Oil exporting countries have a historic duty to guarantee, in a sustainable manner, the energy required by the world population for economic development, while are achieved the investments and the time required for the use of other energy sources”.
In his speech, Quevedo reiterated: “This is the reason why we need to have a market in equilibrium that allows the oil exporting countries to maintain the supply of energy in a sustainable manner, guaranteeing the levels of investment required in the new oil projects that they will ensure to cover the increase in demand in future years”.
Minister Quevedo took the opportunity to denounce that the sanctions against Venezuela “constitute a direct attack against the stability of the oil market due to an unconventional war waged by the world’s largest oil consumer.”
“The situation in Venezuela should not be ignored. Venezuela could be any of your countries”, said Quevedo.
“We promoted, actively, under the leadership of our President Nicolás Maduro Moros, and we welcomed with the end of 2016 the Cooperation Agreement between the OPEC and Non-OPEC countries, a turning point in our history, reached under the guidance of our leaders heads of government, signed between the members of OPEC and 10 of the most important oil producing countries not belonging to our Organization. This agreement has been aimed at restoring the equilibrium of the market”, said the Minister.
Only through integration, cooperation between States and regional integration associations can overcome imbalances and achieve sustainable global economic development, respecting the differences of countries with fair competition rules.
