The President of the Republic, Nicolás Maduro, informed on Sunday that he will make a tour through oil producing countries in the coming days, with the aim of continuing efforts to achieve the stability of the oil market.
“In the coming days I will go to some oil producing countries, to take advantage of these days before the end of the year and leave everything finalized for the steps we have to take to adopt a consensus formula of market stability, of price setting for the upcoming 10 years “, he pointed out.
During his program “Contacto con Maduro” (Contact with Maduro), broadcast by Venezolana de Televisión, the Head of State highlighted the increase in the price of a barrel of oil in recent days, after the decision to reduce production by more than 1.7 million barrels per share by the members of the Organization of Petroleum Exporting Countries (OPEC) and external producers, starting on January 1, 2017.
He stressed that this agreement “Should allow us … to start already next year at a fair, real price, that gives stability to the oil market and continues giving force to the development of the 15 engines of the Bolivarian Economic Agenda.”
He also referred to the importance of working to achieve the expansion of agricultural production and the need to continue the development of the Local Committees for Supply and Production (CLAP).
The drop in oil prices, which has been in place since mid-2014, is the longest cycle of low prices in the last 45 years. This occurred as a result of oil overproduction by OPEC and non-OPEC member countries, and by the slowdown in the growth of the Chinese economy and an unusual decrease in the demand for heating oil in regions where this oil derivative is used .
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