Venezuelan President confident oil prices to recover from current slide

Venezuelan President confident oil prices to recover from current slide

Venezuelan President Nicolas Maduro voiced confidence in a forthcoming recovery of global crude oil prices from the current slide, TASS reported.

As he addressed the opening ceremony of the First Congress of Working Class People, he said Venezuela was not going to turn its face to the wall in this situation and it would organize a special conference of oil producing countries for handling the price fall.

Maduro also said the Venezuelan government would examine the ways of compensating for the shortfall of oil revenues.

He recalled that Foreign Minister Rafael Ramirez was visiting Russia in the final leg of a tour of oil producing countries.

In the course of the trip, Ramirez is coordinating efforts to organize a meeting of representatives of all the producing countries, Opec member and nonaffiliated producers likewise, in order to take steps in defence of oil prices that have dropped 35% since the beginning of the year.

The international conference on world oil market development that is co-organized by Russia and Venezuela at the initiative of the Venezuelan government is likely to be held November 25 in Vienna. It will precede an Opec summit, also due there November 27.

Official data says Venezuela is producing 3 million barrels of oil a day at the moment. Of that amount, as much as 2.5 million barrels is exported, mostly to the U.S. and China, which makes Venezuela the fifth largest oil exporter in the world.

By the end of the previous week, the price of Venezuelan oil fell to $70 per barrel. Experts point out the protracted character of the slide - the price is declining for the tenth week in a row.

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