Riyadh.- On arriving in Riyadh, People’s Power Minister of Energy and Petroleum and Executive Director of Petróleos de Venezuela (PDVSA) Rafael Ramírez noted sustained reinforcement of the Organization of Petroleum Exporting Countries (OPEC) since the second summit of heads of state held in Caracas in 2000.

“Then, oil prices had plummeted as a result of OPEC lack of coordination and violation of the quota system. Now, we have oil prices as high as we can see them now and a perfectly cohesive organization. Fundamental principles have been restored, as well as our quota system and discipline,” Ramírez commented.

The minister said that during this third summit starting on Saturday 17th, the heads of state would have the opportunity to held strategic talks, including a wrap-up of agreements performance and the Organization renewed high profile.

In addition, the rulers would discuss the OPEC strategy to overcome poverty. “We think an opinion should be issued in this regard and give the poorer countries in the planet a choice. Unfortunately, they have been not favored due to the unbalances among consumers in the face of the prices situation prevailing in the market.”

“We need to make a clear distinction between large consumers, that is, developed countries, and remaining nations,” said the minister, and stressed that current oil prices are imposed by the market and have nothing to do with the OPEC behavior.

“Today, we dare say that we have a much stronger organization. We have a market including a stabilization component, such as OPEC, and we would like consumers to realize that market stability is convenient for them also; that negative effects are being felt because the necessary investment was not made to restore the output capacity.”

However, the minister said, when Venezuela’s President Hugo Chávez took office, the quota system was implemented again as the only way to get a steady oil market. There was a quota system prior to OPEC. In the absence of OPEC, it would be present anyway, but imposed by large consumers. This was the case before the nationalization of oil companies in most producers during the seventies.