Jakarta, CNBC Indonesia – Venezuela has declared its willingness to supply the global oil and gas market, which suffered a decline in the aftermath of the Russian attack on Ukraine.
This was communicated directly by the president of the country, Nicolas Maduro, to the secretary general of OPEC Haitham Al-Ghais, on Wednesday (14/9/2022).
During Al-Ghais’s visit to Caracas, Maduro pointed out that his country’s oil industry had recovered despite being production production decreased due to lack of investment and maintenance.
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Venezuela’s production is currently around 700,000 barrels per day. This is a far cry from 2.3 million barrels per day in 2002.
“Venezuela is ready and willing to play its role and provide, in a stable and secure way, the oil and gas markets that the world economy needs,” Maduro said. AFP.
The lack of investment in the Venezuelan oil industry comes as the United States imposed a series of sanctions on Caracas in an attempt to force Maduro out of power. Indeed, in 2019, the US prevented Venezuela from trading its crude oil.
However, US President Joe Biden’s administration announced in May that it would ease some of these sanctions in order to ease post-Russian-Ukrainian energy prices.
Maduro himself condemned the energy crisis, calling it the result of unfounded sanctions by the United States and its allies on Russia. He is also among the few international figures who support Russian President Vladimir Putin in carrying out military action in Ukraine.
Russia, the main supplier of natural gas in Europe, has drastically reduced shipments. This raises fears of a crisis and price spikes as winter approaches.
Meanwhile, during his visit to Caracas, Al-Ghais warned that the organization is currently facing “more serious and more critical” challenges than before since its founding 62 years ago.
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