Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024. Which stocks will surge next?Unlock AI-picked Stocks

Venezuela to use Non-Aligned summit to push oil consensus

Published 09/16/2016, 01:08 PM
Updated 09/16/2016, 01:20 PM
© Reuters. Venezuela's new Oil Minister Eulogio Del Pino attends a meeting at Miraflores Palace in Caracas

CARACAS (Reuters) - Venezuela will use this weekend's Non-Aligned Summit to meet fellow oil producers and gather support for a global deal to strengthen oil prices at a gathering in Algeria this month, Oil Minister Eulogio del Pino said.

"Obviously we are going to use this meeting to build consensus," Del Pino told reporters, saying leaders from OPEC nations from the Gulf to Ecuador would be present at the 120-nation bloc's meeting on Margarita island.

"The focus for the consensus is Algeria, where we hope to reach important stabilization accords to obtain a fair price for hydrocarbons that all producer countries are seeking," he said in comments at a pro-government march carried on state television.

Algeria is hosting meetings of the International Energy Forum and OPEC on Sept. 26-28.

Price hawk Venezuela, which has the largest oil reserves in the world, has been one of the worst-hit countries by the fall in crude prices, which has left its economy is in crisis.

Del Pino said he had visited Margarita and seen that opposition hopes the Non-Aligned Movement summit would be a failure, making President Nicolas Maduro's socialist government look weak and isolated, were being dashed.

"It's another failure for the opposition, who were trying to present a non-existing image of the country, aided by unpatriotic international media trying to create a view of Venezuela like they did in Libya, in Iraq," he said.

"And we know what happened there."

Despite the government's upbeat projection of the summit, only one head of state - Zimbabwe's Robert Mugabe - had arrived by midday Friday for the leaders' meetings scheduled for Saturday and Sunday.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Iranian President Hassan Rouhani was expected to fly into Margarita, along with Latin American leftist leaders from Bolivia and Ecuador, but overall turnout could be a record low for the Cold War-era group.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.