OPEC bulletin 10/17
unity of OPEC, which helped re-establish a stable and
fair price for our natural resources.
After this, we had several great years of stability in
the oil market, until 2014, when we saw volatility and
speculation return. This has caused disequilibrium in our
economy and affected our capex levels, making it more
difficult to sustain production at previous levels. This has
been the case with many other oil producing countries
The Venezuelan government, under the leadership of
President Maduro, is doing all it can to ensure that the
needs of the Venezuelan people are taken care of, even
in these tough times. And this is part of what I am trying
to do with my latest round of meetings: to help regain
momentum and rally support for stability in the global
oil market. This will then help boost our economies and
support the further development of our countries.
Venezuela, as a Founding Member, has been here since
day one and played an important role during the entire
history of this Organization. So, now, with that perspec-
tive, looking forward, what is Venezuela’s vision for OPEC
in the long term?
Venezuela has always been proud of OPEC. It is like our
child. If you conducted a survey in Venezuela on how
they feel about OPEC, you would find that everyone in
Venezuela feels proud of this Organization. They are
proud that OPEC exists, and that Venezuela is an active
Member Country promoting cooperation, not only inside
the Organization, but outside as well, with non-OPEC
We feel like this is a dream come true that we now
have cooperation among OPEC and non-OPEC countries
with more than half of the world’s oil production that
have agreed to take voluntary action to restore stability
and protect our natural resources.
So, what is the future? We really believe that we are
in a transition for the sustainability of the world’s energy,
and we need equilibrium to go through that transition
without disruptions in price. The low-price cycle we have
seen in the last three years is affecting that equilibrium
because the reduction in investment of more than half a
trillion dollars will produce a gap in the energy require-
ments for human beings that is not going to be filled by
renewables or by non-conventional energy.
We have the responsibility to create the sustainabil-
ity of production that is going to fill the gap and create a
transition to lasting stability in the global oil market.
What happened over the last three years goes against
stability, and that’s the reason we asked from the very
beginning to look for an equilibrium not only between
the oil business, with exploration and production, and
the price of oil, but also between all different sources of
energy in order to ensure a smooth transition while avoid-
ing volatility in the market.
Eng Eulogio Del Pino (r),
People’s Minister of
Petroleum of Venezuela,