Minister Del Pino Affirms Venezuelan Position on Protection of Oil Prices

Source: www.gulfoilandgas.com 6/21/2016, Location: South America

The People's Minister of Petroleum and President of Petroleos de Venezuela, S.A. (PDVSA), Eulogio Del Pino, addressed the 21st plenary of the Council on Productive Economy, which took place at Miraflores Palace, Caracas, where he affirmed the position of the Bolivarian Government on protecting international oil prices.

Del Pino said that low prices hurt investment in the industry, and stated the fact that even though several international oil companies do not participate in discussions on oil market equilibrium, they support the Venezuelan position in the search for an equilibrium price.

Additionally, the oil minister spoke about his participation last week at St Petersburg International Economic Forum, where he pointed out that the responsibility to reach equilibrium does not rest alone with producer countries. “We call on international companies to join in the discussion on this issue. It is a task we have to do together", he said.

Del Pino also spoke in Russia about the early 2016 meetings between OPEC and non OPEC producing nations and their impact on oil price recovery.

The president of PDVSA said that Venezuela remains committed to pay its financial commitments; he said this in reference to national and international media reports that have focused on this issue. "We are preparing all the schemes and strategies to meet our financial commitments, as we have always done", he said.

The meeting was headed by Executive Vice President of the Bolivarian Republic of Venezuela, Aristobulo Isturiz, along with representatives of the Venezuelan economic sector. This time the plenary focused on the oil sector and the Urban Agriculture Plan.


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