Venezuela’s Quevedo Speaks of Oil War, OPEC

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PDVSA’s Manuel Quevedo in Vienna, Austria. Source: PDVSA

(Energy Analytics Institute, Piero Stewart, 22.Jun.2018) – Venezuela’s Oil Minister Manuel Quevedo spoke out in Europe against U.S. sanctions against Venezuela.

“[These sanctions] represent a direct attack against the oil market stability, due to a non-conventional war undertaken by the largest world oil crude consumer,” reported PDVSA in an official statement, citing comments from Quevedo during the “World Economy and Oil Future” panel, within the framework of the 7th OPEC Seminar held in Vienna, Austria.

Quevedo, who also serves as the president of Venezuela’s state oil company PDVSA, also said exporting countries have the historic duty to guarantee, in a sustainable manner, the energy required for the economic development of the world population, while investments and time required are achieved for the use of other energy sources.

“That is the reason why we need to have a balanced market to allow oil exporting countries to keep a sustainable energy supply, and guarantee the investment levels required for the new oil projects to ensure that future year demand is covered,” said Quevedo.
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