OPEC Organization of Petroleum Exporting Cou : Venezuelan President, new Petroleum Minister meet OPEC Secretary General

The President of the Bolivarian Republic of Venezuela, HE Nicolás Maduro Moros, met here yesterday with OPEC Secretary General, HE Mohammad Sanusi Barkindo.

The meeting, which took place at Miraflores Palace, was also attended by Venezuela's Minister of Foreign Affairs, HE Delcy Rodríguez Gómez, the country's newly appointed People's Minister of Petroleum, HE Dr. Nelson P. Martínez, and Nigeria's Charge d'affaire to Venezuela, HE Aisha Aliyu Musa.

The Venezuelan President commended the OPEC Secretary General on the recent successful meetings of the Organization held among OPEC and non-OPEC oil producers, which led to the historic agreement being signed in Vienna, Austria on 10 December.

HE Maduro urged all participating countries in the agreement 'to work together in achieving sustainable oil market stability, not only in the short-term, but also in the medium- and long-term.'

Speaking at a news conference with the Venezuelan President, the OPEC Secretary General said he remained optimistic that with the full and timely implementation of the OPEC/non-OPEC agreement 'the macro-economic indicators of our Member Countries, and indeed all participating countries in the Declaration of joint Cooperation will be impacted positively, restimulating economic growth and development.'

He especially thanked HE Maduro for taking the leadership in helping to build a consensus among OPEC and non-OPEC producers and for his great efforts during consultations with other Heads of State that took place in the second half of 2016.

The OPEC Secretary General pointed out that Venezuela's great commitment and presence would now continue through its membership of the Joint Ministerial Monitoring Committee (JMMC).

Earlier in the day, HE Barkindo met with HE Martínez, the new Minister of Petroleum.

In congratulating HE Martínez on his 'well-deserved appointment' as Venezuela's new Petroleum Minister, HE Barkindo also offered a great vote of thanks to HE Martinez's predecessor, HE Eng. Eulogio Del Pino, for his great efforts and commitment to OPEC in working towards reaching the historic agreement with non-OPEC producers.

The OPEC Secretary General briefed HE Martínez on recent oil market developments, following the 'Algiers Accord', the 'Vienna Agreement'and the 'Declaration of Cooperation', as well as looking at the framework for oversight and monitoring of the historical decision of the 10 December 2016.

Responding, HE Martínez welcomed the OPEC Secretary General and his team to Venezuela, stating that it was an opportune time to meet and take stock of the landmark achievements OPEC had made in 2016, as well as the subsequent reaction of the markets, including the modus operandi of the JMMC, of which Venezuela is a Member.

Both the Secretary General and the Minister stressed the importance of the decisions, underscoring the fact that they were the result of detailed, exhaustive and collaborative cooperation between all the parties involved.

HE Martínez assured HE Barkindo that as a member of the JMMC, the inaugural meeting on Sunday 22 January 2017 in Vienna, Venezuela would play a leading role in helping to secure market stability for both producers and consumers.