Opening Remarks by the President of the OPEC Conference

Delivered by HE Manuel Salvador Quevedo Fernandez, Venezuela's People’s Minister of Petroleum, and President of the OPEC Conference, at the 6^th OPEC and non-OPEC Ministerial Meeting, 2 July 2019, Vienna, Austria.

Excellencies, distinguished guests, ladies and gentlemen,

Buenos dias a todos; good morning to all.

In the name of the Bolivarian Republic of Venezuela and on behalf of all participating countries of the Declaration of Cooperation, it is my pleasure to welcome you all to the 6^th OPEC-Non-OPEC Ministerial Meeting.

This is the first occasion in my capacity as President of the OPEC Conference to preside over this Meeting, and it is my honour to have the opportunity to do so.

I especially appreciate this Meeting as it is a living and visible testimony of our international cooperation that was forged through the path-breaking Declaration of Cooperation. Though we collaborate throughout the year from afar, it is just magnificent to see the OPEC and non-OPEC delegations gathered here together under one roof and unified in one spirit.

I am also delighted to welcome a few additional non-OPEC producers attending today, including Niger, South Africa and representatives from the African Petroleum Producers Organization.

I would like to acknowledge and thank my Co-Chair for this meeting, His Excellency Alexander Novak, Minister of Energy of the Russian Federation, as well as His Excellency Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, Kingdom of Saudi Arabia and Chairman of the JMMC; And last, but certainly not least, my fellow comrade, OPEC Secretary General, Mohammad Sanusi Barkindo. The undying commitment and fierce loyalty displayed by these gentlemen throughout this process have been key to helping us restore balance and stability to the oil market. Indeed, these are men of “timber and caliber”, a fitting expression that my comrade from Nigeria, the Secretary General, shared with me to describe this type of strong and capable leadership.

The clear success of this unprecedented energy cooperation has attracted much interest, not only within our industry, but among the global media and other energy stakeholders across the world. I would like to emphasize here that this framework for cooperation remains open to all oil producers interested in joining our efforts to help maintain a balanced oil market and a sustainable stability.

Excellencies, ladies and gentlemen,

Before we proceed with our deliberations, I would like to take a moment and reflect on the very significant and noble achievements we have made since the beginning of our cooperation back in January 2017. Thanks to your loyal support and active contributions, we have achieved a great deal of success in restoring the oil market to balance and stability. Together, through this equitable and transparent framework for cooperation, we brought hope back to this industry at a time when it had lost its way.

The most valuable players in this process are in this room. I am, of course, speaking of the OPEC and non-OPEC Ministerial delegations, which have received excellent backing from the Joint Ministerial Monitoring Committee, the Joint Technical Committee and the OPEC Secretariat.

These supporting actors have formed the backbone of this process, showing immense determination and a high level of professionalism in providing timely, high-quality market analysis and keen insights in support of our decision-making.

Thus, as President of the Conference, allow me to again thank each delegation for their valuable contributions and encourage each one to continue in this way moving forward.

Excellencies, ladies and gentlemen,

Our deliberations of the previous days have focused, to a large extent, on the increasing uncertainty and market volatility of recent months.

At yesterday’s 176^th Meeting of the OPEC Conference, we discussed these issues and how they might evolve over the remainder of 2019, and also considered the future evolution of our cooperation. We will continue with these discussions here today.

In doing so, let us stay focused on our overarching goal of maintaining the balanced market already achieved and promoting a sustainable stability. This is the only way we will see future growth and enhanced investment in the industry.

We must not allow our hard-earned progress to be hindered or, even worse, reversed. I assure you that no one in this industry wants to return to the crisis we experienced from 2014 to 2016!

From Venezuela, we raise our voice in order to avoid using the oil market as a tool to attack the economies of sovereign nations, which directly affects the welfare and development of the people. This is undoubtedly unjust, illegal and immoral, especially if the one who exercises it does so pursuing dominance.

With this in mind, I want to make it clear that we, the 24 participating nations of the Declaration of Cooperation, will remain vigilant in our efforts to ensure that the global oil market remains balanced and stable.

We have proven to the world, over the last two years, that together we are stronger than working in silos. And, in the end, this is the only way to overcome our common challenges and achieve our common goals.

We will thus march forward, arm in arm, shoulder to shoulder, to support a stable oil market, a healthy economy and prosperity for future generations.

In closing, allow me to share with you some inspirational words from our esteemed former President of Venezuela, HE Hugo Chávez Frías, whose enduring legacy for both my country and indeed for OPEC continues to this day.

He spoke these words during the 2^nd OPEC Summit of Heads of State, which was hosted in Caracas in September of 2000. He said:

“It was precisely here, in Caracas, where the Statute of the Organization of the Petroleum Exporting Countries was approved, in January of 1961. I was barely born at that time. OPEC passed the Resolutions of the first Conference in Baghdad, on the shores of the Tigris, on September 14, 1960.”

He continued with a reflection on the 40 years of cooperation and success of OPEC, commenting:

“OPEC in these 40 years, the first 40 years, has discharged its objectives and today we are re-launching to continue discharging more effectively our objectives and to update them; to join the new path and write the new history of this new century.”

And, indeed, Ladies and Gentlemen, next year, we look forward to returning to OPEC’s birthplace in Baghdad to commemorate this Organization’s 60^th Anniversary.

With these impressive milestones behind us and anticipating those yet to come, I truly believe His Excellency Chávez would be proud of what we have achieved together and what we will continue to accomplish in the decades ahead.

Thank you.