Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on April 21, 2016
Venezuelan Oil Minister: US Sabotaged Doha Meeting
Venezuelan Oil and Mining Minister Euologio del Pino has accused the US government of deliberately scuppering the efforts of major oil-producing countries to put a cap on global production levels amidst a historic slump in oil prices.
Referring to a major meeting convened between an array of 18 OPEC and non-OPEC countries in Doha on April 17th, Del Pino stated that the US had deliberately put pressure on countries not to attend, as well as to adopt hardline positions against the proposed measures.
“This political agenda is against our country… because it is supposed that by maintaining low oil prices, they will bring the downfall of Venezuela,” said the minister on Tuesday.
“We are very clear that this is a war in which international pressure mechanisms, as we saw yesterday, are being used against countries to obtain political benefits,” he added.
Venezuela has been particularly hard-hit by the slump in the international oil market and was one of the key movers behind last Sunday’s Doha meeting. The country is currently facing a political crisis and economic meltdown due to the near total depletion of its foreign currency earnings.
In February, Venezuela joined Russia, Saudi Arabia and Qatar in negotiating a preliminary deal to keep production at record-high January levels, however the move proved insufficient to stabilise global oil prices.
The February agreement was meant to act as the impetus for a more comprehensive deal last Sunday in Qatar, with the principle aim of freezing global production levels in a bid to raise the international selling price of oil.
But Sunday’s talks unexpectedly collapsed after Saudi Arabia refused to make a deal without the participation of Iran and war-torn Libya.
Despite having previously voiced its general support for a global oil cap, Tehran has consistently maintained that it cannot freeze production at pre-February levels, during which time international sanctions severely inhibited its output.
However Del Pino blamed staunch US ally Saudi Arabia for deliberately putting a wrench in the works at the instructions of Washington, claiming that the Saudi delegation had no real “authority” to make a decision on the matter.
The minister said that trust amongst OPEC nations had been shattered by Saudi’s u-turn.
“The decision that Saudi Arabia took at the last minute, we do not know what kind of pressure they were subjected to, but our President Nicolas Maduro warned on his (television) programme on Tuesday last week of the pressures that countries participating in the meeting were being subjected to,” he explained.
“We cannot rely on the vote of a country which sabotages a meeting of this level at the last minute,” concluded Del Pino, confirming that Venezuela would continue working towards an international stabilisation deal despite being “disappointed” over Sunday’s outcome.
The fallout from the ill-fated talks saw the price of oil plummet once again on Monday.
17 Comments on "Venezuelan Oil Minister: US Sabotaged Doha Meeting"
makati1 on Thu, 21st Apr 2016 6:42 pm
Interesting analysis.
It is the ability to buy, not the amount available that will keep prices low. Freeze the production. Cut it if you can, but the price will not return to more than the consumer can afford. At least no longer than it takes to cause a depression in the Western countries by crashing the financial system of debt.
onlooker on Thu, 21st Apr 2016 6:46 pm
At least no longer than it takes to cause a depression in the Western countries by crashing the financial system of debt.— Absolutely, and that is why those who repeat the mantra of glut are wrong. The price is more a reflection of a sluggish economy.
geopressure on Thu, 21st Apr 2016 6:57 pm
Congratulations, your opinions are EXACTLY what the U.S. Government wants them to be!!!
They want potential oil buyers to believe that the upside is limited (for whatever reason) & they have been very successful at influencing your thoughts, beliefs & opinions…
The irony is that you guys are posters who mistrust the media more than most, yet you have allowed them to control your minds… It is ironic as hell…
Plantagenet on Thu, 21st Apr 2016 7:09 pm
Good to hear that obama subverted the Doha meeting to keep the oil glut going.
The longer we can keep this oil glut going, the longer the US economy can keep growing thanks to the low oil prices.
Cheers!
onlooker on Thu, 21st Apr 2016 7:10 pm
So Geo you think upside is NOT limited. Okay, I will be sure to put you on my hyper irrationally optimistic list.
Davy on Fri, 22nd Apr 2016 6:15 am
“Venezuela cuts power for four hours a day to save energy”
http://www.bbc.com/news/world-latin-america-36108295
“Venezuela is introducing power cuts of four hours a day from next week to deal with a worsening energy crisis. The cuts will last for 40 days as the country struggles under a severe drought limiting hydroelectric output.”
peakyeast on Fri, 22nd Apr 2016 7:28 am
Perhaps geo is right: They will just redefine what oil is again.
Or perhaps they will change the size of the oil barrel 5% down anually.
Its these kind of tricks the governments and large companies really like to make.
JuanP on Fri, 22nd Apr 2016 7:34 am
Peakyeast is onto something! Resizing oil barrels could extend this farce a little longer. 😉
JuanP on Fri, 22nd Apr 2016 7:41 am
I can understand US Americans being afraid of what’s coming. I would be, too, if I were US American and had nowhere else to go. Nobody in the world will lose more than US Americans since they have been the principal beneficiaries of this kleptocratic financial system that is raping the world’s asshole. The USA is in for an awful lot of pain, and US Americans being the violent, agressive, abusive, narcissistic pricks that most of them are, and having more guns and ammo than the rest of the world put together, you don’t have to be a genius to see what’s coming to the USA.
JuanP on Fri, 22nd Apr 2016 7:48 am
Russia benefits from Doha talks, https://www.rt.com/business/340594-producers-profit-freeze-talks/
paulo1 on Fri, 22nd Apr 2016 8:54 am
Of course Venezuala has to blame someone else for their own nightmare inefficencies. Now, who would their most likely blame candidate be? They’ll do anything to head off an attack on their power grip, and still see the US as a major threat. I suppose North Korea also blames the US for their shortages.
I am afraid that country(Ven) will collapse into Mad Max long before things might improve for their people. I suspect a coup will replace the gelded Maduro supported military some time soon, or a rise of organized crime cartels. Certainly, repression is on the books. It is a terrible place to be right now.
onlooker on Fri, 22nd Apr 2016 8:59 am
I think to be fair, yes Venezuela can blame itself but one must also look at US meddling with sanctions and other unsavory tactics I am sure. One must also look at the price of oil and also even the Drought now affecting that areas. So yes I do not see improvement coming rather more of a collapse scenario.
peakyeast on Fri, 22nd Apr 2016 9:31 am
Its really urgent that we move profits away from the military-industrial complex and back to profits on scalps being handed in to the local sheriff.
Good ol American traditions when its best:
Killing hapless, innocent people that are wasting good space and soil for no good reason other than living where they were born for personal gain. Now thats real american capitalism!
shortonoil on Fri, 22nd Apr 2016 9:40 am
When one combines an incredibly corrupt system, that operates from the President’s office to the local taxi cabby driver, with an economy based on an ultra low quality natural resource you get a Venezuela.
Next?
PracticalMaina on Fri, 22nd Apr 2016 9:57 am
Corruption from the head official all the way down is the name of the game in all current governments. I would say Norway is the one nation that has oil that is free from widespread corruption, but after them coddling that murdering terrorist shit-stain I question whether the judges are worried about more migrants getting their hands on some of the nations oil wealth.
PracticalMaina on Fri, 22nd Apr 2016 9:59 am
They used to donate a lot of oil to heat for the poor programs in my state. I think our current governor is too busy making it difficult for drug addicts to get overdose antidote drugs to take advantage of the states former relationship.
PracticalMaina on Fri, 22nd Apr 2016 10:02 am
Venezuela is who i was referring to during my mini rant about my states governor.