Through a telephone contact with Caracas from Vienna, the Minister of People’s Power for Oil, Eulogio Del Pino, said that the agreement reached by the members of the Organization of Petroleum Exporting Countries at the 171st meeting of their ministerial conference, held in Vienna, is the culmination of a process initiated by the president of the Bolivarian Republic of Venezuela, Nicolás Maduro, two years ago, adding that it has been concretized into a historic agreement, being this the first production cut that takes place at the core of OPEC in the last eight years.
“The impact of this agreement will be progressive, as the inventories begin to drain. Our estimate is that in less than six months these inventories must reach normal levels and there we will get to equilibrium prices, “said Minister Del Pino.
The Minister also said that on December 9, a historic agreement will be held where members and non-members of the organization will meet for the first time. “This will help stabilize prices, recover a fairer price for our hydrocarbons and thus finish this cycle that has already taken two years,” said Del Pino.
Referring to the speculative matrices, prior to the Ministerial Conference of OPEC, the Minister said that the agreement has been subject to campaigns that bet that coordination would not be achieved, but that the result was the opposite: after the news of the result of the meeting, crude oil price rose 8%.
“They were playing with price volatility, with malicious information about Russia, Iran, Iraq, Venezuela. With that campaign of rumors yesterday the price fell 5%. It is not possible, as our President Maduro has said, that financial speculators attack a fair price of our resource, “said Del Pino.
The Venezuelan Minister stressed that the agreement represents a rescue of fundamental principles of the OPEC, where so diverse countries were able to have an essential consensus in the defense of a valuable natural resource, such as oil.
Del Pino said that the agreement gets the oil balance in equilibrium, benefiting not only the producing countries but the world’s economy. He noted that when it was taken in Algeria the first decision, made concrete today, global indicators recovered successfully, demonstrating that the agreements assumed by OPEC oxygenated the world’s economy. “Consumer countries, not members of the OPEC, ministers, were asking us to reach an agreement, this reaffirms the historic role of the Organization and the ability to mediate with other non-member producers”, he said.
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