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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



Scott Laury

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

situation changed.

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