Maduro Suggests OPEC, OPEC+ Discuss Oil Market

(Energy Analytics Institute, Piero Stewart, 12.Mar.2020) — Venezuela’s President Nicolas Maduro has suggested that members of OPEC and OPEC+ return to discussions about balancing the oil market.

“Let us seek agreements to provide short-term, medium-term and long-term solutions that will restore the oil markets to an equilibrium point,” state oil company Petroleos de Venezuela announced in an official statement, citing Maduro.

“The health and balance of the world’s economies and finances remains important,” Maduro said during a speech in Caracas, adding it was important that discussions between OPEC, Russia and other exporting countries continue with aim at reaching a agreement that could stabilize the oil market.

Amid the corona virus pandemic, the leader of the OPEC member country also called on the US government “to lift the unjust and illegal sanctions imposed on his nation.”

“They chase our ships, threaten our buyers, and now there is an abrupt drop in our price, which is around $23 per barrel,” Maduro said.

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© Energy Analytics Institute (EAI)

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