Maduro says Venezuela able to ‘provide’ world oil demand

President indicated that his government is “substantially recovering” the country’s oil industry, whose production has fallen to historic lows after years of divestment and lack of maintenance.

THE Venezuela is “ready and prepared” to “supply the world oil and gas market”, said President Nicolás Maduro this Wednesday, 14, condemning the crisis generated by the “irrational” sanctions against the russian oil after the invasion of Ukraine.

“Venezuela is ready and prepared to fulfill its role and supply the oil and gas market with the oil and gas that the world economy needs in a stable and secure manner,” said the Chavista president during his visit to Caracas. OPEC Secretary-General Haitham al-Ghais.

Maduro has indicated that his government is “substantially recovering” the country’s oil industry, whose production has fallen to historic lows after years of divestment and lack of maintenance. Today, production is around 700,000 barrels a day. In 2002, it was 2.3 million a day.

A US embargo has weighed on Venezuelan oil since 2019 after Washington failed to recognize Maduro’s re-election a year earlier. However, the administration of President Joe Biden has taken steps to relax these sanctions at a time when prices are rising due to the war.

Maduro condemned theenergy crisis” generated by the measures against Russia, which he called “irrational, unjustified (and) illogical”.

THE RussiaEurope’s biggest supplier, has drastically cut gas supplies to the continent, sparking fears of shortages and rising prices.

Maduro defended a “fair, balanced and already assimilated price” of US$100 a barrel and reiterated his call for foreign oil companies to produce in Venezuela.

“We are ready (…) to progressively and rapidly increase oil production, to expand and increase production of refined products.”

“Venezuela has a range of more than 50 first-rate gas projects with seismic studies carried out and with all the legal guarantees for international investors” to come “to produce gas in Venezuela and take gas to international markets”, he insisted.

Al-Ghais pointed out that OPEC faces “more serious, more critical” challenges than it did 62 years ago when it was founded.

Source: AFP