Venezuela considers “responsible” decision to freeze oil production – Investing.com Spain

Caracas, February 16 (EFE) .- Venezuelan Oil Minister Eulogio del Pino said today “responsible” decision of his country, Qatar, Saudi Arabia and Russia to freeze the production of their January levels, in order to stabilize the price of oil.

“it’s a very responsible show that we have taken,” especially Russia and Venezuela, which “account for more than 70 percent of oil reserves that exist in the world “and not yet occur, said the Pino from Qatar to the Latin American interstate channel Telesur.

the agreement was reached today by the acting president of the Organization of Petroleum Exporting Countries (OPEC), the Qatari Oil Minister Mohammed Saleh Al Sada, with their Venezuelan colleagues, Russian Alexander Novak, and Saudi Arabia, Ali al-Naimi.

Al Sada said in announcing the deal the wish that the other large producers, both members and non-OPEC, follow this example and to this end, said take “immediate” round of contacts and negotiations with countries such as Iraq and Iran.

the Venezuelan minister, who revealed that personally will meet tomorrow in Tehran with the ministers of the two countries, he expressed confidence that the decision will help to rally prices now do not cover production costs of oil nations.

“at current prices very few countries can economically produce “but nevertheless Qatar, Saudi Arabia, Russia and Venezuela” have a historic commitment to long-term to maintain the power supply reliably and stable world, “said del Pino telephone channel based in Caracas.

the Venezuelan minister added that “it is very important to restore an equilibrium price” for producers that other countries may also contribute “reliably and stable” to stabilize world markets.

Del Pino said that “more than 400,000 million dollars in development projects of production” have been canceled due to low prices, although it is expected that the world continues to rely on this hydrocarbon . “the next 20-30 years,”

“it is very important to balance rates to ensure reliable supply,” because “it is not anticipated that in 20 to 30 years this oil can be replaced; will be the dominant and who is going to produce? “he asked.

We will, countries like Venezuela responded” have the largest reserves and therefore today’s decision is historic and very responsible “.

He added that during the next four months will be” monitoring “the behavior of prices and that accordingly” it will take action in concert “.

prognosis prices, however, recover only since the second half of the year, with the arrival of summer in the northern hemisphere, which “is when considerably increases the demand”.

“we are providing and guaranteeing this measure (to freeze production) we can then retrieve the price (value) alone to sustain the levels of investment in each of the producing countries “and thus enter into the summer” with a level of supply than in too much, but enough, “he said.

for Venezuela, insisted it is very important that the market will stabilize and pay a” fair price “for oil, the main source of income of the South american country.