PDVSA Petróleos de Venezuela : Venezuela proposes extraordinary OPEC meeting in February

Caracas.- People's Minister of Petroleum and Mining and President of Petróleos de Venezuela, S.A. (PDVSA) Eulogio Del Pino, held a meeting with his counterpart from Ecuador, Carlos Pareja. They reviewed joint projects and exchanged views on possible strategies to address the decline in the global oil market.

Minister Del Pino informed Minister Pareja about Venezuela's decision to convene an extraordinary meeting of OPEC. He said that he sent a letter to members of the organization requesting for the meeting to take place in February, and said that non OPEC producing countries could be invited.

'We are proposing that we reach an equilibrium price that makes possible to keep investment levels and meet the energy demand of 94 million barrels in a balanced way', said the president of PDVSA.

He also said that OPEC must be true to its fundamental principles of defending a fair price on the natural resource of hydrocarbons. 'Since its founding in 1960, this Organization has always contributed to price stability', he said.

The minister of hydrocarbons of Ecuador said that they join in the efforts of the Venezuelan government to achieve stable oil prices that make possible to sustain investments and plan for them. 'We want to have a meeting so that all of us together could have a vision that allows us to agree on more stable prices', he said.