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17

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

as well.

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

producers.

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,

with the

OPEC Bulletin’s

Scott Laury.