OPEC bulletin 10/17
S p o t l i g h t
Venezuelan Oil Minister
shares vision for OPEC
At the conclusion of his visit to the OPEC Secretariat,
Eng Eulogio Del Pino
People’s Minister of Petroleum of Venezuela, sat down with the
to discuss the ongoing ‘Declaration of Cooperation’
and Venezuela’s longstanding role as a founder and leader of OPEC. He
also spoke about Venezuela’s long-term vision for the Organization.
Question: Since your re-appointment as Venezuela’s
Minister of the People’s Ministry of Petroleum on August
24 2017, you have embarked on a world tour of both
OPEC and non-OPEC oil-producing countries to speak
with oil and energy ministers about the ongoing situa-
tion in the global oil market. What has the outcome of
these meetings been?
Answer: I have been able to meet with oil and energy
ministers in several countries.
In Kazakhstan, I had the opportunity to meet with
three Ministers at the same time — from the Kingdom of
Saudi Arabia, the United Arab Emirates and, of course,
the Minister from Kazakhstan.
Afterwards, I travelled to the Russian Federation to
meet with the Minister of Energy and then continued my
meetings by travelling to the Middle East, where I met
with the Ministers in IR Iran and Kuwait.
When you look at the combined production of the
countries with whom I met, it totals more than half of the
overall production of the participating producers of the
‘Declaration of Cooperation’, which was signed last year.
In our meetings, we discussed the current status
of the Declaration, which is currently in effect for nine
months, until the end of March of 2018.
The overall opinion was that the decisions made last
year have been effective and that if, in fact, they had not
been made, the market would have been in much worse
condition than it is today. As a result, we have seen
around an 18 to 20 per cent improvement in the oil price
this year, as compared to last year.
This level of cooperation between OPEC and non-
OPEC producing countries has never been seen before,
and has been praised by the Ministers. During these
latest meetings, they expressed their satisfaction with
the progress being made and their hope that this unprec-
edented cooperation will continue in the future.
How this cooperation would continue in the future is
yet to be fully determined. This needs to be discussed.
It could take the form of a permanent monitoring com-
mittee, or could take another form, but these initiatives
send a positive message that this is a cooperative effort
open to any oil producing country that voluntarily wants
to contribute to lasting stability in the global oil market.
Venezuela, as a Founding Member of OPEC, fully
supports these ongoing joint efforts and is proud that
so many countries are now agreeing to fight against vol-
atility and speculation, in favour of stable prices for our
oil and products in the world markets.
How is Venezuela coping with the current oil price range
between $50 and $55/barrel?
In Venezuela, we have more than 100 years of expe-
rience producing oil, although, for approximately the
first 80 years, the benefits of producing this natural
resource did not fully reach the people of the country.
There was a deviation in the way in which these bene-
fits were distributed. It was only in the last 18 years or
so, since President Chávez came into office, that the
In the year 2000, President Chávez was a champion
of bringing together the Member Countries of OPEC dur-
ing the OPEC Summit in Venezuela, helping revive the
spirit of the Organization. Then during the OPEC Summit
in Riyadh in 2007, he again was a force for unity within
the Organization, working with the King of Saudi Arabia
and other heads of state to help restore the spirit and