Riyadh.- Following the participation of Ecuador’s President Rafael Correa and Minister of Mines and Petroleum Galo Chriboga in the Third Summit of the Organization of Petroleum Exporting Countries (OPEC), this member state recovered its role and started to set political guidelines which favor peoples’ energy integration and stability in the oil marketplace.

In the advent of this third meeting of heads of state, Venezuelan People’s Power Minister of Energy and Petroleum and PDVSA CEO Rafael Ramírez envisaged a highly positive outcome. “Remember that prior to the second summit held in Caracas, one question surrounded OPEC –Which would be the next outgoing member state to follow Ecuador and Gabon? There were already rumors going around Venezuela taking the same way. But our government, under President (Hugo) Chávez demolished this strategy. Now, we ask to ourselves: which new state will join the organization? Undoubtedly, we have been playing a leading role in a very important qualitative change,” said Ramírez.

Regaining a high profile in favor of world energy balance

Oil prices recorded in the international stock markets are the result of geopolitical issues, such as the impending threats of military invasion into the Islamic Republic of Iran; speculation in stocks and shares at the US stock market, as appears from the purchase of thousand futures and devaluation of the US dollar versus the Euro.

“When we compare the low oil prices recorded in 1998 to the current ones, it is clear that not only producers, but consumers have an interest in a stable market,” added Minister Ramírez.

“When oil prices sunk from 1996 to 1998, no producer or consumer would make the necessary investment to increase its production and refining capacities, resulting now in a clear market unbalance,” said the PDVSA Executive Director.

A political organization

A comparison between the second meeting of OPEC heads of state held in 2000 in Caracas and this third meeting clears doubts about the parties interested in a stable energy market. Consumers should start to acknowledge the role played by producers and respect their interests and political stability in order to strike energy balance.

“The fact that producing countries have attended this third OPEC meeting to defend their interests and realities before large consumers is a political move which favors the Organization profile,” said the minister.