Venezuela ratifies support for the goals and actions carried out by the Organization of Petroleum Exporting Countries (OPEC), said on Thursday the Minister of People’s Power for Petroleum and president of Petróleos de Venezuela (PDVSA), Manuel Quevedo.
During his speech at the 177th Opep Conference, which was held in Vienna, Austria, he asserted that Venezuela’s commitment could be summed up in important words spoken by Commander Hugo Chávez, who said: «We want to be brothers and sisters, we want respect and equality».
The Minister took advantage of his intervention to remember the historical steps taken by the Organization to achieve the achievements that are glimpsed today, says a press release from the aforementioned ministerial body.
In that sense, Quevedo recalled that three years ago the oil market was in a complicated situation that was caused by the rise in the supply of crude oil in the 2014-2016 term, where it reached 5.8 million barrels per day, thus exceeding the demand that was in the order of 4.3 million barrels per day.
Similarly, he noted that by 2016, commercial crude oil inventories increased by a record 403 million barrels over the average of the last five years. In addition, the reference price of the OPEC basket fell by 80% between July 2014 and January 2016, which led to emerging markets giving way to recession.
However, he said that thanks to the responsibility between producers and consumers, OPEC achieved a historic rapprochement with non-OPEC allies, which has had unprecedented successes.
He indicated that thanks to the holding of 35 meetings of the Joint Technical Committee, as well as 17 meetings of the Joint Monitoring Ministerial Committee and the adoption of the Cooperation chapter on July 2, 2019, “in a very short period of time, we have reached one achievement after the other”, he said.
Quevedo stressed that the prospects for global economic growth by 2020 will remain stable, at a rate of 3%, the total demand for crude oil is estimated to exceed 100 million barrels per day for the first time in 2020 and this could receive support sustainable if the various uncertainties associated with the various trade conflicts are resolved.
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