The President of the Bolivarian Republic of Venezuela, Nicolás Maduro, indicated on Monday the need to resume dialogues with the Organization of Petroleum Exporting Countries Plus (Opep +), in order to stabilize the financial and economic market after the coronavirus (Covid -19) pandemic, which already registers more than 700,000 cases worldwide.
“The post pandemic economic and financial recovery will depend on the Opep + agreement that will give stability to the market, at fair prices and will allow the planning of the stock markets, of the recovery after the pandemic. One of the columns of the financial recovery is Opep +”, said the Venezuelan head of state from Miraflores Palace, in Caracas.
The National President pointed out that this proposal was presented to the ambassador of the Russian Federation, Serguey Melik Bagdadarov, who on Monday delivered credential letters as a diplomat of the European nation in the country.
During the meeting, “I raised the need to resume dialogues within the framework of Opep + to advance towards new objectives for the recovery of the oil market and the price of oil”, said the Venezuelan president.
In this sense, he stressed that this same action was carried out between 2016 and 2020, when crude oil prices began to fall, which generated stability in the financial market.
“Opep + proved to be the basis of market and price stability and financial stability in the world”, said the Venezuelan president.
In recent weeks, financial markets have been in decline, marking their worst since 2008, in the midst of a financial crisis.
For its part, crude oil prices are at their worst since 2002. This Monday, WTI oil bottomed out, reaching below $ 20 a barrel and falling 8.52%, according to stock data.
Oil prices accelerated their decline after the announcement made on March 27 by the Ministry of Energy of Saudi Arabia not to hold negotiations with Russia about a possible increase in participants in the Opep + pact or about measures to balance the oil market.
It should be remembered that this Tuesday the alliance signed by the Organization of Petroleum Exporting Countries (OPEC) and independent producers in relation to the cut in production, aimed at stabilizing crude oil prices, expires.
