TNT: Tishwash: Venezuela is ready to supply the world with oil and gas
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Venezuelan President Nicolas Maduro said on Wednesday that his country is “ready to supply the world market” with oil and gas , condemning the energy crisis caused by imposing “irrational” sanctions on Russia , he said, after its invasion of Ukraine.
During a visit to Caracas by the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais , Maduro said that “Venezuela is ready and willing to play its role and supply the oil and gas market that the global economy needs, in a stable and secure manner.
He stressed that his government had “reformed” its oil industry, whose production had fallen to historic levels after years of withdrawal of investments and lack of maintenance, noting that Venezuela’s production is currently about 700,000 barrels per day, compared to 2.3 million barrels in 2002.
The United States imposed a series of sanctions on Caracas in 2019, including an embargo on Venezuelan oil, after Maduro was re-elected in 2018 for a second term in a vote boycotted by the opposition.
Maduro condemned the “energy crisis” resulting from the sanctions imposed on Russia, which he described as “illogical and unjustified”, and called for a “fair and balanced price” of $100 per barrel
He again called on foreign oil companies to produce in Venezuela, adding: “We are ready to gradually and rapidly increase oil production to expand and increase production of refined products.”
“Venezuela has more than 50 first-class gas projects with seismic studies conducted and all legal guarantees so that international investors” can attend “to produce gas in Venezuela and transport it to international markets,” he said.
Al-Ghais: “OPEC” is facing the most serious challenges since its establishment 62 years ago
For his part, the Secretary-General of OPEC said that the organization faces “the most dangerous and most serious challenges” since its inception 62 years ago
The administration of President Joe Biden announced in May a limited easing of some of those sanctions, a move that came as energy prices soared due to the war in Ukraine.
Russia, Europe’s largest supplier, has sharply reduced its gas deliveries, raising fears of gas shortages and price hikes. link
