The President of the Bolivarian Republic of Venezuela, Nicolas Maduro, called on the OPEC and non-OPEC member countries, meeting at the 23rd World Energy Congress which takes place in Istanbul, Turkey, to agree on a path to stabilize the oil market, allowing for “realistic and fair prices.”
“The oil investments have been affected in the last two years by a pricing system, which undoubtedly has destabilized the market and shaken the prices down to levels unsustainable by nations nor by companies. The oil prices we have had are the lowest in 40 years, and for the longer time lapse; in some cases they have been below production costs and well below the investment possibilities for the replenishment of the oil production capabilities of large, medium and small countries”.
The Venezuelan Head of State reiterated that: “It is possible a new alliance of producers,” to allow the replacement of investments and that guarantees a stable, fair and realistic prices cycle. “The owners of this vital resource, oil, those of us who process it, we must have the leadership role in the new mechanisms to restore the market’s stability.”
In his speech, Maduro announced that Venezuela will present a proposal to stabilize the oil market and setting realistic prices in a 10-year cycle, “That allows for the economic expansion of investment and stability.”
He expressed confidence in the possibility of reaching a new agreement at the meeting of energy Ministers to be held next October 12 with the aim of reducing market vulnerability to the vagaries of external factors to this economic activity.
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