President Maduro: ‘OPEC+ leads path to stability of oil markets’

President of the Bolivarian Republic of Venezuela Nicolás Maduro affirmed that “the OPEC has proven its absolute historical force since the OPEC+ deal, and it has managed to unite and gather big oil producing countries such as our sister Russia, to lead the path to the stability of oil markets, which undoubtedly means the stability of the world’s finance and economy.”

In his welcoming address at the commemoration of the 60th anniversary of the Organization of Petroleum Exporting Countries (OPEC), the Venezuelan president pointed out that this organization “has written an extraordinary page in the history of the oil, economic and financial life of humankind in the last 60 years.”

Maduro highlighted the OPEC’s capability to overcome difficult situations by strengthening the unity among its member countries “in the diversity of our policies, cultures and national self of each OPEC member.”

“OPEC has proven for many years to be a necessary organization leading the processes of exploration, production and trade of oil and its byproducts in the world. In 60 years, it has ratified the path to the unity of our peoples and governments, and the absolute force of its foundational principles,” stressed President Maduro.

Carrying on with the legacy

In his address, Maduro recalled the legacy of Commander Hugo Chávez, who, as President of the Bolivarian Republic of Venezuela, “encouraged, reanimated and recovered our Organization, and helped it achieve the most stable and highest oil prices that improved the world’s economy and benefitted oil producing countries,” he said.

Therefore, the Venezuelan president expressed his support for the OPEC Secretary-General Mohammad Barkindo and the OPEC+ Monitoring Committee to continue making necessary efforts for the organization progress.

“A long path is ahead of us, and with the OPEC+ deal, we will stabilize the market and continue showing our force and proving that our foundational step was fair and that it has been fair to defend the OPEC, to preserve it and take care of it. My regards and congratulations to all the member countries on this 60th anniversary. Unity, unity and more unity!” said President Maduro.

60 years of history

On September 14, 1960, in Baghdad, five visionaries met thanks to the efforts of Venezuelan Juan Pablo Pérez Alfonzo and Saudi Abdullah Al Tariki, who came up with this organization to safeguard the legitimate interests of each country and guarantee order and stability in the international oil market.

Under the premise of cooperation, this event changed the course of history, and Iran, Iraq, Kuwait, Saudi Arabia and Venezuela told the world and those who dominated the monopolist interests of the so-called “Seven Sisters” grouping of multinational oil companies that oil producing countries have the inalienable right to exercise permanent sovereignty over their natural resources.

Today, President Hugo Chávez’s words resound more than ever as he led the OPEC’s re-emergence in 2000 at the II Summit of Heads of State and Government, held in Caracas, when he claimed: “OPEC has been an instrument to fight for justice, freedom, transformation, and therefore, peace, development and harmony.”

OPEC has paved a necessary way to preserve the foundations of its creation, thus becoming an important factor of balance amid humankind’s greatest challenge, the COVID-19 pandemic.

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