OPEC & Non OPEC Countries Working for Oil Pricing Stability

Source: www.gulfoilandgas.com 10/21/2014, Location: South America

The President of the Bolivarian Republic of Venezuela Nicolas Maduro, said that OPEC and non OPEC producing countries are creating together a new formula for oil market stability and a new pricing mechanism. The president was in Baku, capital of Azerbaijan, the first stop of his tour.

President Maduro said that in the next 10 years it is necessary to achieve stability. “So that we can plan for development, not this chaos where the futures market and speculators take control of a product they don’t invest on", he said while speaking to Venezolana de Televisi?n network.

For the president, this stability that OPEC and non OPEC countries are working on will impact other areas of economic development among all producing countries. “These swings, this instability, are good for whom?” he wondered while saying that these alliances have a bearing on joint investment not only in the oil and gas industry, but in the 15 Economic Drivers of the Bolivarian Economic Agenda.

President Maduro’s tour includes Azerbaijan, Iran, Saudi Arabia and Qatar, “an important tour for the world economy", which was organized starting with his meeting with President of Azerbaijan Ilham Aliyev, at the 23rd World Energy Congress in Turkey, he said.

His agenda includes the signing of documents with the government of Azerbaijan to create a "good and strong comprehensive economic, energy and financial alliance. Then we will head to the Islamic Republic of Iran to hold meetings with the Iranian President and continue to advance this new and powerful alliance for oil market stability”, said President Maduro.

"When I'm traveling around the world I’m working for peace, for the homeland because that is the school of Commander Ch?vez, of deep love for the homeland. Venezuela will keep breaking the oil rentier economy; oil will boost the Bolivarian Economic Agenda so that it gains strength for the remainder of this decade and for the next, which will be the decade of consolidation of Venezuela as a power”, said the Venezuelan president.

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

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