Venezuela celebrates OPEC's role in oil market stability | News

The president of Venezuela, Nicolás Maduro, recognized the work of the Organization of Countries Petroleum Exporters (OPEC) in relation to price stability, crude oil production and the construction of a new energy geopolitics, within the framework of 59th anniversary of oil cartel.

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OPEC was founded in Baghdad, Iraq, in 1960 and brings together the main oil-producing countries with a composition of 14 members, including Venezuela, Iraq, Saudi Arabia, Iran and Kuwait, among others.

The institution promotes control policies and cuts in oil production, with the support of other nations outside the organization in order to protect world crude oil prices and ensure market stability.

"The Organization of Petroleum Exporting Countries (OPEC), celebrates 59 years guaranteeing the stability of the oil market. From Venezuela, we will continue to join forces for the construction of a new energy geopolitics, in favor of the economic development of the peoples," he published. Venezuelan Head of State in his account on the social network Twitter

In the 1990s, when President Hugo Chavez assumed the Venezuelan government, the government rescued the leading role of OPEC and proposed policies to establish fair prices, highlighting the importance of its geopolitical influence as a strategic block.

Chávez specified in the IV Objective of the Homeland Plan that OPEC must “contribute to the development of an international geopolitics in which the multicentric and multipolar world that allows the balance of the Universe and guarantee the peace of the planet” takes shape ”, according to the digital portal of Pvdsa.

During the XVI meeting of the Joint Monitoring Ministerial Committee (JMMC) and the OPEC Declaration of Voluntary Adjustment of Oil Production Cooperation, it was reaffirmed that Venezuela will maintain the agreements and commitments adopted in 2016.

During the days after the OPEC meeting in Abu Dhabi, the organization lowered the forecast of growth in global oil demand in 2019 and 2020, given the global economic slowdown and the trade war between China and the United States.