(Energy Analytics Institute, Piero Stewart, 10.Dec.2019) — OPEC Secretary General Mohammad Barkindo assured that unilateral sanctions imposed on member countries of the organization are unhealthy for the efficient functioning of the oil market.
“The oil that Venezuela produces and exports belongs to the entire world. As a large oil producing country, and the country with the largest proven hydrocarbon reserves, Venezuela’s role in the safe supply of crude oil is essential in today’s world,” Venezuela’s state oil company Petroleos de Venezuela (PDVSA) announced in an official statement, citing comments from Barkindo, who described the measures as “distortions”.
Indeed, being able to meet the future global demand for oil depends on countries like Venezuela. This means that the imposition of sanctions on Venezuela is also an imposition on OPEC, the other producing countries and in general the world oil industry, Barkindo added.
“At the end of the day, for the people, the sanctions are never successful, they are wrong. We are hopeful that the discussions between the parties can resolve the issues amicably and in the shortest possible time,” Barkindo said.
“We at OPEC show our solidarity with President Nicolás Maduro, the government and the Venezuelan people. The best years for this country are yet to come, Venezuela has a very bright future, it is a very rich country, with a very enterprising and educated people,” he said.
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© Energy Analytics Institute (EAI)
