News Daily Spot: Maduro urged to establish a mechanism to establish a fair price of oil

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Maduro urged to establish a mechanism to establish a fair price of oil

The president of Venezuela, Nicolas Maduro, urged today in Riyadh at the Heads of State and Government of South American and Arab Countries (ASPA) to create a "formula" to establish a "fair price" of oil.

"We have high expectations, we are optimistic that in the short term we can move towards a new formula that allows us to create political stability and fair price (of oil) in the world," Maduro said during his speech at the IV Summit of ASPA which concludes today in the capital of Saudi Arabia.

The Venezuelan president said in his speech that "between one of the positive side effects of this summit is to advance some steps in the formation of a new formula that allows us to face the negative downward instability in prices of our main export ".

But he also warned that "there is much to talk about", stressed the importance of this issue given: "The magnitude and the critical role of oil as the main energy of our two regions."

"It is we who invest and produce oil on this planet. Can not be other than set us their movements and their prices, "he said Maduro has met with several Arab summit outside the presidents and the president of Ecuador, Rafael Correa, with whom he shares concerns about the fall prices of hydrocarbons.

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, who prefers not to reduce production, even if that means keeping prices low.

The Venezuelan president accused "other" unidentified to use the famous "Mr. Market" and "speculation" to fix prices, with which he said hurt "in the short, medium and long term development and expectations economic and energy stability of the planet. "

In his speech, he praised the importance of this forum was born in Brazil in 2005 as a "way to approach regions, construction of a new global architecture" of a multipolar world "that can link to emerging nations."

For the president, with the Riyadh meeting, which follows those of Brasilia (2005), Doha (2009) and Lima (2012), this forum has been established and is progressing "in the certain way."

"This road began in 2005, today we feel that this bi-regional summit consolidates. It is pointing in the right direction, in the certain way of building this multipolar world, "he added.

Finally, Maduro expressed his support for the Palestinian cause and to President Mahmoud Abbas, with whom he met on the sidelines of the summit, and called for the resumption of peace negotiations, as well as "the universal recognition of the Palestinian state."


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