Venezuela Supports OPEC+ Extension Agreement to Consolidate Stability and Fair Oil Prices

This Saturday, Venezuelan Minister for Petroleum, Tareck El Aissami, ratified the declaration of cooperation with the Organization of Petroleum Exporting Countries Plus (OPEC+) as one of the central pivots to overcome the worldwide economic crisis created by the Covid-19 pandemic.

“Given the unprecedented situation in the world economy caused by Covid-19, there is no doubt that OPEC+ is one of the central pivots to overcome the global financial economic crisis,” said El Aissami during a ministerial videoconference with member countries.

He said Venezuela agrees to extend — until the end of July — the agreement to cut production with a view to seeking stable and fair prices in the oil market and he urged the honoring of the most serious character of the covenant.

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El Aissami made reference to the situation in Venezuela, as a result of the economic, financial and commercial blockade imposed by the United States (US) government, which has affected oil production in the country.

The measures implemented by the United States against Venezuela “hit the oil production and the freedom of commerce of the peoples, which is why we call for international solidarity,” he stressed.

In this sense, he pointed out that using oil to attack nations affects the stability of peoples, especially in times of pandemic. At the same time, he thanked the solidarity of the Islamic Republic of Iran that sent 5 tankers with fuel to supply the country despite direct threats coming from Trump’s regime.

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This Saturday the 179th meeting of the OPEC Conference was held, in order to analyze the evolution of the world oil market, in light of the agreements reached last March, as well as the fair, timely and equitable implementation of recent agreements to achieve stabilization.

Faced with this situation, the Minister for Petroleum emphasized that “progress must be made in dialogue and cooperation, as well as favoring the virtuous mechanism of the OPEC+ Declaration of Cooperation.

“Our commitment ratified in 2000 with Commander Hugo Chávez grows stronger with our president Nicolás Maduro, in new spaces for consultation and dialogue to achieve balance and multipolarity,” he said.

Last March, member countries ratified their continued commitment to the fundamentals for a stable and balanced oil market, in the interests of producers, consumers and the global economy, taking the Declaration of Cooperation for Voluntary adjustment of the Crude Oil Production achieved in 2016, as a framework for action.

Source URL: Alba Ciudad

Translated by JRE/EF