Wednesday, December 01, 2021

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Venezuela reaffirms cooperation with OPEC

Venezuela reaffirms cooperation with OPEC

Caracas, Sep 14 (Prensa Latina) President Nicolas Maduro reiterated on Tuesday that Venezuela will continue to work with the Organization of Petroleum Exporting Countries (OPEC) to strengthen the post-pandemic economy.
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In a message on Twitter, on the occasion of the 61st anniversary of the international organization, the president highlighted the ‘victorious path in the oil, economic and financial life of humanity.’

OPEC resulted from an initiative of then minister of Mining and Hydrocarbons of Venezuela, Juan Pablo Perez, who managed to make an alliance with the world’s major producers to create an institution that can set oil policies that would lead to the stability of the world market, with headquarters in Vienna, Austria.

This is how OPEC was created at the Conference in Baghdad, Iraq, on September 14, 1960, with the participation of the host country, Iran, Kuwait, Saudi Arabia and Venezuela.

The five founding countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973-1992), Gabon (1975-1994).

OPEC’s goal is to coordinate and unify oil policies among member countries in order to guarantee fair and stable prices for producers, efficient, economic and regular oil supplies to the market countries and a fair return on investors’ capital.

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