Speaking at the second day of the International Energy Forum in Russia on Wednesday, Venezuelan President Nicolas Maduro called for international cooperation to stabilize oil prices and overcome the challenges facing the Venezuelan economy.
He said that, to the detriment of oil producing economies, the global oil market has been destabilized partly due to the increase in natural gas and oil production in the United States. The fracking method of Natural gas production in particular has allowed the United States to flood the market with millions of barrels of oil outside the main production agreements of the OPEC member countries, the President pointed out.
“It is the most abrupt and extensive fall in price in 100 years of oil production history, which affected the economies of important countries in various regions,” Maduro said.
"Venezuela presents in Russia, the proposals and strategies to stabilize oil prices."
Venezuela has the largest oil reserves in the world, something which Maduro said is a “privilege,” but which also makes it the “most desired country by the powerful Washington elites.”
The Bolivarian president called for continued international cooperation between oil producing countries to place controls on production in order to restabilize the prices in the face of the shifting market landscape.
“The governments of Russia, Iran, Saudi Arabia, Algeria, and Venezuela are in almost daily coordination to achieve a new governability of the oil market, a new mechanism that breaks with the trend toward future speculation in order to stabilize the global energy market,” Maduro said.
The president expressed optimism that the diplomatic efforts would bear fruit soon, saying he expected to see “positive results” in the oil prices by the first months of 2018.
Venezuela has long been among the most important and influential members of OPEC (Organization of Petroleum Exporting Countries), having played a role in its founding, as well as its reinvigoration under the world leadership of former president Hugo Chavez.
Responding to questions about the current economic and political situation in Venezuela at the energy forum, President Maduro reiterated his calls toward economic and political cooperation to overcome any difficulties, and rejected intervention by foreign powers.
“It is clear that we have problems... however these problems must be solved by Venezuelans without any type of interference,” he said. “The Venezuelan people have anti-imperialism written in their genes.”
He reiterated that in spite of the fact that Venezuela is in the midst of an economic war and a “communications war,” Venezuela has managed to fulfill its debts and obligations on the international front.