News Daily Spot: Correa mature and treat oil prices with other members of OPEC

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Correa mature and treat oil prices with other members of OPEC

The presidents of Venezuela, Nicolas Maduro and Ecuador, Rafael Correa, today held a series of bilateral meetings with other members of the Organization of Petroleum Exporting Countries (OPEC) to ask for an increase in oil prices.

In the framework of the IV Summit of South American and Arab Countries (ASPA) held in Riyadh, the two leaders met separately with Saudi King Abdelaziz Bin Salman to address the low price of oil.

This matter is extremely concerned to Ecuador and Venezuela, which took the quote from the ASPA to express their attitude to their Arab colleagues, as reported by Efe sources of both delegations.

Maduro urged in a speech to create a "formula" to establish a "fair price" of oil and expressed his hope that progress is made in this regard in the "near term."

Venezuela and Ecuador are the only South American countries members of the Organization of Petroleum Exporting Countries (OPEC), which stands as a producer and exporter Saudi Arabia, which until now prefers not to reduce production, even if that means keeping prices low.

The value of OPEC crude remains in the range of $ 42 and at their lowest levels since late August.

On the meeting with Salman Bin Abdelaziz, President of Venezuela reported that both nations seek "concrete strategies to set a fair price of oil and thus achieve stability in the oil market."

Regarding the meeting with the Saudi monarch Correa, Ecuador's deputy foreign minister, Xavier Lasso, he told Efe that this was "very cordial" and that Bin Abdelaziz is "more open" to consider reducing some production.

Correa also met today with President of the Parliament of Algeria, Mohamed Larbi Ould Jelifa, and yesterday with the emir of Qatar, Tamim bin Hamad Al Thani, both members of OPEC.

Maduro also met Tuesday with the Qatari emir, while the People's Minister for Petroleum and Mining Venezuela, Eulogio del Pino, met with his Saudi counterpart Ali al-Naimi Ibrahom bin.

Other South American leaders, including Colombian Foreign Minister Maria Angela Holguin, and Vice President of Uruguay, Raul Sendic, also called in their speeches at the summit review these lower oil prices, which are affecting the economies of the region.

The Riyadh summit marks the tenth anniversary of the meetings between the heads of State of South American and Arab countries. The next meeting will be held in Caracas in 2018. EFE

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