El Aissami: Venezuela’s goal is to ensure long-term stability in the world oil market

Caracas.- Mr. Tareck El Aissami, Vice-President to the Economy Area and People's Petroleum Minister stated last Monday that 'Venezuela keeps on defending a long-term stability in the oil market and subscribes to OPEC+ decisions for year 2021, with the view to support, during this 13th OPEC+ Ministerial Meeting, the convenience to defer the progressive increase of 0.5 millions of barrels a day, corresponding to the month of February'.

This measure 'warranties a faster draining of trade inventories. The levels of supply remain below oil demand; that is the reason why we must be careful', pointed out Mr. El Aissami during his intervention at the 13th OPEC+ Ministerial Meeting held in Vienna, Austria, via videoconference.

El Aissami stated that Venezuela considers as main goal 'to ensure a long-term stability in the world oil market, taking into account that the energy demand continues to be fragile, and is affected by the health crisis now with fresh outbreak of the virus; uncertainty about vaccination effects in the medium term, and the new Chinese year, which are variables that undoubtedly could have an impact on current stability'.

In this sense, Mr. El Aissami put especial emphasis on the fact that Venezuela 'strongly bets for the searching of strategies to warranty a virtuous and sustainable balance to continue eroding the inventories and, consequently, go for a progressive production increase. It is something necessary to sustain a solider base for a long-term stability in the world energy market'.

'From Venezuela, we reaffirm the strength of the Declaration of Cooperation to overcome the tough circumstances we faced during year 2020. We must continue to warranty a virtuous balance in the oil market', Mr. El Aissami wrote on his Twitter account @TareckPSUV.

The meeting is headed by His Royal Highness, Prince Abdul Aziz Bin Salmán Al Saud, president to the Joint Monitoring Ministerial Committee (JMMC), and Saudi Arabia's Petroleum Minister; H. E. Alexander Novak, co-Chairman to the JMMC and Russian Federation's Energy Minister; along with H. E. Diamantino Acevedo, president to OPEC 2021 Conference and Angola's Petroleum Minister; and Mr. Mohammad Barkindo, Secretary General to OPEC.

Some other OPEC countries participating in this meeting are Saudi Arabia, Algeria, United Arab Emirates, Iraq, Kuwait, Nigeria and Venezuela.

Among NON-OPEC participating countries are Kazakhstan and Russia, and Angola as OPEC guest, in its capacity of OPEC Conference President for year 2021.